A planned 10% increase to National Insurance kicks in for many workers in April, while at the same time the U.K.'s energy price cap soars 54% to accommodate higher costs of oil and gas, exacerbating the squeeze on household income as consumer prices continue to head north.
Watch UK Finance Minister Rishi Sunak's budget announcement
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U.K. Finance Minister Rishi Sunak is announcing a new government budget in his Spring Statement.