Jeremy Hunt ‘to cut national insurance and freeze fuel duty’ in budget; bitcoin hits record high over $69,000 – as it happened

Reports that chancellor will cut national insurance by a further two percentage points tomorrow, as UK private sector growth rises

• Jeremy Hunt to cut national insurance by 2p in budget
• UK retail sales dampened as shoppers stay home in wet weather
• What are the UK's fiscal rules' and why is the OBR under attack?

Shares in Greggs have jumped 2.5% in early trading, after it reported a 27% rise in profits this morning (see 7.47am).

Most of the bakery chain's staff will also benefit, as Greggs shares 10% of its profits with team members with at least six months of service.

The Spring Budget presents a pivotal moment for addressing the pressing concerns facing petrol retailers across the UK.

Fuel duty has long been a key concern, providing relief to motorists amidst escalating living costs. Temporary cuts and freezes have been welcome, offering relief amidst economic uncertainty. However, the prospect of reversing these measures poses a threat, potentially aggravating the financial strain on consumers already grappling with volatile global energy prices.