We’re live blogging the Chancellor’s statement

Chancellor Rishi Sunak has admitted the financial outlook is “challenging” because of soaring inflation and the Russian invasion of Ukraine, Downing Street has said.

He is due to give his much-awaited spring statement on how he will tackle the cost of living crisis this lunchtime, and we’ll be live blogging it here.

No 10 said he provided an update on the economic situation to ministers during Wednesday morning’s Cabinet meeting.

A statement read: “The Chancellor provided an update on the economic and fiscal picture, and described the outlook as challenging given the global shocks we are facing as a result of the conflict in Ukraine and rising inflation.

“He said that throughout the pandemic, the Government has shown the British people we are on their side and we will continue to stand by them through the uncertainty that we now face.

“He described how the sensible management of the public finances enabled the Government to step in and help people with £9 billion of support for their energy bills in February.

“He said that this Government would continue to take a responsible and sustainable approach in order to be able to grow a stronger, more secure economy for the future.”