Reynolds is quizzed now about US President Donald Trump's global tariffs, which he will announce tomorrow.

(Details have not been confirmed - but the US could soon charge extra taxes on every product imported into the US).

Reynolds is asked if the UK could be exempt - certain "carve-outs" for UK goods have been discussed. But the minister says it appears "every country in the world will be subjected" to the new tariffs.

The UK and the US have a fair and balanced trading relationship, he adds, and it's down to the US if they want to do a deal.

"The work we have done gives us the best chance of finding a way through that," he says.

Asked about retaliatory tariffs, Reynolds says: "I have to keep all options on the table."

When pressed on whether the UK should be tougher - citing the EU and Canada who have announced retaliatory tariffs - Reynolds says "a strong response to this is to pursue your own national interest," which in the UK's case is a deal with the US.

We've been focusing on personal finances today. But costs for businesses are also rising.

The business secretary is asked about a viewer who runs a bar in Manchester. He says he wants to hire more staff, but is feeling impeded by changes like the National Insurance rise, which also kicks in this month.

(Employers' National Insurance is rising from 13.8% to 15% on workers' earnings. The threshold at which employers start paying the tax is being reduced from £9,100 per salary to £5,000.)

What does Reynolds have to say to the bar owner?

The minister stresses business rates reliefs, and adds that his party is committed to permanently lowering rates for certain sectors - including hospitality.

Reynolds says that the government is "aware" of what they're having to ask of businesses.

But, he says that most businesses will be aware of the need to make difficult decisions in order to maintain sound public finances.

Reynolds is now pressed on when people will feel better off.

"They are getting better off," Reynolds says - the government is not only making wages higher, but introducing other measures including free breakfast clubs, freezing fuel duty and triple-lock pensions, he says.

At the heart of it, he says, is "running an economy soundly".

He acknowledges there are real pressures on finances, but they are "starting to see the decisions the government has made make people better off".

He's then asked specifically about the government cutting winter fuel payments and welfare eligibility.

Reynolds says the government is committed to making everyone feel better off, and protecting working people.

Business Secretary Jonathan Reynolds is first asked to explain why bills are going up - when Labour promised to deliver the opposite during last year's election campaign.

(Labour claimed its clean energy plans would save households £300 by 2030).

Reynolds says the government is working hard to make sure bills come down by the end of this Parliament.

But, he acknowledges that it is difficult for people in the short-term, and says Labour is doing everything it can to mitigate this - he cites the minimum wage increase for three million workers as an example.

We are seeing living standards and wages rise faster than inflation, he adds.

We're about to hear the first word from the government on this morning's rise in bills, when Business Secretary Jonathan Reynolds appears on the BBC Breakfast sofa.

You can watch live at the top of the page - and we'll bring you a summary of it all here too.

Harry Kind, a consumer expert, says "awful April is a bit of an opportunity April" - as there are ways to make savings.

Speaking to BBC Breakfast, Kind says there are millions already overpaying on bills, and changes made now will last the whole year.

On energy bills, he says the price cap has gone up, but there is "no need to be on that price cap anymore", and there are plenty of fixed terms lower than the cap.

He also says it's a good time to look for new contracts on broadband and phones, and prices have come down a lot in the past few years.

On food prices, he says it's a matter of shopping around - but there's "a lot of money to be saved" by online shopping, he says.

Bradley Bayton-Harvey lives with his partner Ange in Dudley. They have three girls, including three-year-old Darcie-Mai. Both have full-time jobs with the NHS.

"We both work nearly 200 hours a month, and it is still a stretch. We're rejiggling finances again and again," he says.

When you add up the increase for water, council tax, energy and broadband, he will pay an extra £500 a year.

"You don't have money for yourself," he says. "There's no money."

He adds: "We can try to get any additional shifts in our rest days to get that extra income. It's frustrating because those rest days should be family time.

"You shouldn't have to turn around to your kids and say that you can't afford to go on holiday."

Image source, Getty Images

Charity Citizens Advice is warning that single parents are among the hardest hit by today's bill increases, because a greater proportion of their money is taken up on essential spending.

The charity says households in the lowest 10% for income were already spending around two fifths (41%) of their earnings - after housing - on water, energy, broadband and car insurance bills.

Single-adult households, and particularly those with children, were more likely than others to be spending 20% or more of their post-housing income on these bills, leaving them more exposed to price shocks, it says.

"After years of cost-of-living pressures, households across the country are about to feel the extra shock of rising essential bills," says chief executive Clare Moriarty.

The charity said the finances of millions of people on the lowest incomes were "already stretched to breaking point".

We'll hear more from Moriarty on this page later this morning.

Kevin Peachey
Cost of living correspondent

Bills may be rising - but for some people, incomes are going up too.

Benefits and the state pension are going up in a week's time. Wages have also been rising at a faster pace than the rate of inflation, and the start of April also brings an increase in the minimum wage. It means:

• The minimum wage for over 21s, known officially as the National Living Wage, has risen by 6.7%, from £11.44 to £12.21 an hour. For someone working full time that equates to £23,873.60 a year, up from £22,368.06
• For 18 to 20-year-olds, the minimum wage has gone up from £8.60 to £10 an hour. This means a full-time worker would earn £19,552 a year, up from £16,815. (Only a minority of people in this age group do work full time)
• Apprentices are now paid £7.55 an hour, up from £6.40. That means their annual wage is going up to £14,762 from £12,513

Confused?

Our cost of living correspondent, Kevin Peachey, will answer your questions on this page later.

You can get in touch by:

• Email: bbcyourvoice@bbc.co.uk, external
• WhatsApp: +44 7756 165803
• Or fill out this form

1. Water bills for households in England and Wales are up by £10 per month on average, but there's a lot of variation depending on the company, external. In Scotland, they’re rising by almost 10%
2. Gas and electricity bills are increasing again - this time by £111 a year to £1,849 - for millions of households
3. Council tax in England is generally going up by 4.99%, with bills in Wales rising by about 4.5% to 9.5%, and in Scotland by at least 8%
4. The standard rate of tax for cars registered after April 2017 is rising £5 to £195 a year. According to the RAC, external,, external you may pay less or more if your car was first used before 2017
5. Broadband and phone rises depend on your provider and contract start date. The cost of a TV licence is also going up by £5 to £174.50
6. Stamp duty will be paid by house buyers in England and Northern Ireland on properties over £125,000 - instead of over £250,000
7. Hidden tax rises are also inbound. This is due to the the freeze on thresholds on income tax and National Insurance. This is often called a "stealth tax" - in short, pay goes up, but the tax thresholds don't, meaning you're more likely to pay a higher rate.

Image source, Getty Images

Owen Amos
Live reporter

Good morning - it's 1 April, the financial year begins soon (on Sunday), and a series of household bills rise from today.

The big ones are council tax, energy, and water - but the TV licence, car tax, and broadband bills are also going up.

We'll detail the changes and answer your questions, including a Your Voice, Your BBC News special with our cost of living correspondent Kevin Peachey this afternoon.

Our colleagues on BBC Breakfast and the Today programme will also speak to the business secretary Jonathan Reynolds this morning - you'll be able to follow live on this page.