Chancellor Rishi Sunak will begin his Spring Statement in the next few moments.

He will set out new figures on how the UK’s economy is doing and update Parliament on progress made since his budget in October.

Sunak is facing pressure to tackle the cost of living crisis, where people across the country are facing rising fuel, food and energy costs.

We'll be listening out for any movement on:

• A cut to fuel duty to combat a record-breaking spike in prices at petrol pumps
• Increasing pensions following government suspension of the triple lock
• A boost to benefit payments
• Delaying a planned increase to National Insurance payments.

Stay with us for updates and in the meantime here's the background.

PMQs: A warm-up before the big eventpublished at 12:24 Greenwich Mean Time 23 March 2022

12:24 GMT 23 March 2022

Adam Fleming
Chief political correspondent

This was a classic PMQs dividing line tactic from Keir Starmer as he asked whose side the government was on: P&O and it’s Dubai-based parent company or the 800 workers sacked by video conference?

The prime minister upped the government’s rhetoric by insinuating much more heavily that the company had broken the law. It also sounds like there will be changes to the law to close a loophole that means some sailors are not paid the minimum wage in British waters. A problem the government knew about two years ago, Starmer claimed.

Interestingly, Boris Johnson suggested part of the problem was EU law, which gives credence to the Westminster rumour the PM is going to revive Brexit as an issue in the build up to the next election, due in 2024.

As usual on days such as this, this is just a warm up before the chancellor announces the big news.

The SNP's Westminster leader now gets his questions to the prime minister.

Ian Blackford says families did not need the official confirmation that inflation is at its highest levels for 30 years as they already can't afford their bills.

He asks if the UK government will match Scotland by raising all benefits.

Boris Johnson says he recognises there is global inflation causing cost of living crisis here and around the world, and the government is "doing everything we can to help people".

But Blackford says there is more they can do, such as scrapping the National Insurance tax hike next month.

The PM says he wants to advise "Mystic Meg" that he will get answers about what the government plans to do in 10 minutes, when the chancellor gives his statement.

Image source, HoC

The Prime Minister's Questions clash between Boris Johnson and Sir Keir Starmer is now over.

As PMQs begins to wrap up for another week, we are eagerly awaiting the start of Chancellor Rishi Sunak's economic update.

The Spring Statement is due to start any moment so do stay with us.

Keir Starmer says P&O workers want the government to "fight for their livelihoods" - but the prime minister is "hoisting the white flag" and is offering "bluster and waffle".

In reply, Boris Johnson says P&O's conduct has been "scandalous" and promises MPs that they "aren't going to get away with it".

He defends the government's wider record on the economy, saying ministers have got the "big calls" right, meaning the UK is emerging faster from Covid than "any other comparable economy".

Image source, HoC

Labour's leader says the case of P&O comes off the back of "a string of fire-and-rehire cases where profitable companies threaten workers unless they accept a pay cut".

Starmer says the PM keeps saying he is opposed to fire and rehire, but "doesn't have the backbone to ban it", accusing him of being "all mouth and no trousers".

Johnson attacks Labour, saying the party has carried out such action against its own staff.

He promises to protect British workers, but claims the law P&O used was introduced as part of EU directives.

"He would have kept us unable to change it," adds Johnson.

Image source, HoC

Keir Starmer says it is "not illegal" to pay seafarers below minimum wage, even if they ware working at UK ports.

He says despite promises of a review two years ago, the government has done nothing to fix this "gap in the law".

The prime minister says the government will work to "address the defects" in the 1999 legislation governing the minimum wage.

He adds ministers will make sure every employee in the UK's exclusive economic zone will get the UK minimum wage.

Image source, PA Media

Starmer says since the PM came to office, P&O has received over £38m of government contracts and its parent company is lined up for £50m under its freeports scheme.

The Labour leader asks: "Will he guarantee these companies will not get a penny more of taxpayers' money or a single tax break until they reinstate the workforce?"

Johnson says they are taking legal action against the company as he believes they broke the law.

But he says the Conservatives will "not launch a whole-hearted campaign against overseas investment" into the UK.

Following up, Sir Keir Starmer says the government was given advance warning of the sackings and "didn't lift a finger to stop them".

Boris Johnson says he found out on the day the sackings were announced publicly.

He says the main issue is that the company should have told the government 45 days ahead of the sackings, and whether this took place.

The Labour leader begins his questioning by asking the PM about the 800 P&O Ferries workers fired over Zoom and replaced by foreign agency workers, being paid less than minimum wage.

Sir Keir Starmer asks: "If the prime minister can't stop that, what is the point of his government?"

Boris Johnson says he "condemns the callous behaviour of P&O", saying it is "no way to treat hard-working employees".

He says the government will "not sit by" as he believes the company has broken the law, and could face fines of millions of pounds.

Speaker Sir Lindsay Hoyle has welcomed Boris Johnson to the dispatch box, so Prime Minister's Questions is beginning.

Stay with us for updates from the Commons ahead of Rishi Sunak's Spring Statement.

The Money Saving Expert himself has sent a little bit of advice to Rishi Sunak ahead of his Spring Statement.

Martin Lewis has tweeted the chancellor, external, saying: "The UK is on the brink of a personal finance precipice.

"Today you, only you, have the tools to pull it back. To save lives. To improve living standards. To reduce millions' anxiety.

"This is what builds a legacy and makes a great chancellor. Please seize the chance."

Image source, UK Pool

After his neighbour Rishi Sunak left Downing Street earlier, Boris Johnson has also now left to hop over to the House of Commons, ahead of PMQs at midday.

Businesses fear help won't come until Autumn Statementpublished at 11:42 Greenwich Mean Time 23 March 2022

11:42 GMT 23 March 2022

Simon Jack
BBC Business Editor

Image source, Getty Images

We've been hearing a lot about what the Spring Statement might do to help people with the cost of living crisis. Our Business Editor Simon Jack looks at how businesses might be affected.

Business groups' fear is that Chancellor Rishi Sunak will gamble that business confidence, corporate deposits and consumer savings are still robust enough for him to bide his time and keep some ammo left for when its really needed in October's Autumn Statement.

Many think that is a mistake and that business confidence, which had been returning post-Covid, is now beginning to flag. That is a danger because waning confidence means reduced business investment which Sunak is desperate to maintain.

Businesses appreciated the help they got during the pandemic, although feel they have paid a price for it with a huge increase in corporation tax due next year.

Most business leaders believe Sunak “gets it” when it comes to investment, skills and cutting bureaucracy, and you can expect to hear him promise to bear down on those problems.

Firms' big fear is he leaves policy interventions until October which may be too late for some businesses.

Image source, UK Parliament

While the headlines have focused on the chancellor's Spring Statement, there is the little matter of Prime Minister's Questions to get through first, in just under half an hour's time.

As normal, Boris Johnson will face Labour leader Sir Keir Starmer at 12:00 GMT, and we'll bring you the exchanges here.

Image source, Michael Ball

Ahead of the Spring Statement, we've been talking to people about where they're feeling the pinch and what they want the chancellor to do about it.

Michael Ball, in Kirkcaldy, Scotland spoke to the BBC in February about rising energy prices and at the time thought he may have to move back in with his parents.

The 24-year-old now tells us that’s not happened because he’s “just not put the heating on for three months".

He says his electricity bill has dropped since switching provider, but he doesn’t know how much things will change once the price increase fully kicks in, and he fears receiving a “surprise bill".

“I would like to see the Warm Home discount, external paid to people who are eligible rather than people having to apply for it so that everyone gets what they’re entitled to," he says.

“Another thing that would be good is if they reinstated the £20 uplift to universal credit but there’s no way they’re going to do that.”

A lot being asked of this Spring Statementpublished at 11:19 Greenwich Mean Time 23 March 2022

11:19 GMT 23 March 2022

Adam Fleming
Chief political correspondent

Even though the Treasury has telegraphed that this won’t be a moment for big fiscal fireworks, Rishi Sunak has still faced a lot of demands in the build up to this Spring Statement.

Conservative backbenchers want a cut in fuel duty and April’s increase in National Insurance (NI) earmarked for the NHS (and a bit of) social care to either be scrapped, or softened with a change to the threshold at which people start paying it.

Labour want the rise in NI to be ditched too and have also called for a windfall tax on the energy companies who are making vast profits they didn’t expect.

Some campaigners and policy experts think the best way to help those on low incomes would be to increase benefits more than planned or to top up universal credit payments.

And here’s the pro tip to find out what Rishi Sunak has actually done: when he’s finished speaking, go to the Treasury website, download the Spring Statement document and scroll to the “policy costings” table known as the “scorecard” where you’ll see very clearly the choices he has made with a price tag for each one.

Trust me, it will all make much more sense.

Laura Kuenssberg
Political editor

Look carefully at the picture of Chancellor Rishi Sunak leaving No 11 Downing Street to head to Parliament.

He's holding two documents.

There are whispers he'll unveil a separate economic plan or strategy alongside the Spring Statement when he gets to the dispatch box at 12:30 GMT.

Stay with us to find out...

The smell of fresh pies is drifting across the stalls of Darlington Market this morning.

Rachel Lowe, 28, is here with her one-year-old son.

She’s on universal credit, and her gas and electricity cost her £80 a week on a pre-paid meter.

That's compared to last year, when she paid £50 a month.

Sometimes the electricity has gone off and she’s been forced to sit on the dark.

“I do panic,” she says. “My rent’s also going up. My mum buys toiletries for me and brings round meals so that’s good.

"I don’t know how the Spring Statement will help me today. I won’t benefit from any cut in fuel duty because I don’t have a car.”

What Rachel says she wants is the offer of more support to manage any future price rises.

In the run-up to today's statement, opposition MPs have been ramping up their calls for the chancellor to scrap the planned rise in National Insurance starting next month.

The tax - which is paid by employees and employers - is set to rise by 1.25p in the pound to pay for more investment in health and social care.

Opposition MPs say they agree with the need for more money for those areas, but argue raising NI is the wrong way to do this. And there are Conservative MPs who agree.

One of them, Treasury committee chair Mel Stride, argues that better-than-expected forecasts for the UK's deficit mean Chancellor Rishi Sunak can meet his commitments to increase health funding and still ditch the rise in NI.

"It can be done, and I think now is the time for him to do it," he tells the BBC News Channel.