Cost of living crisis hitting economic outlook as firms hike prices – as it happened

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Rishi Sunak has indicated that the Government could intervene on energy bills before the autumn, if bill are set to rise sharply again in October:

Asked if the Government would take action in that case, he told BBC Radio 4's Today programme:

Yes, of course we'll have to see where we are by the autumn and it's right for people to recognise that they are protected between now and the autumn because of the price cap."

I always keep everything under review, and the Government, as it's shown over the past two years, is always responsive to what's happening.

But I would say with energy prices, you know, they are very volatile, and I don't think you, I or anyone else has any certainty about what will happen in October right now."

Next year, pensions and benefits will go up by more, because inflation is still so high.

The chancellor could have brought that forward, and it was wrong that he didn't do that yesterday.

The Chancellor can say as many times as he likes that he's a tax-cutting chancellor but it's a bit like a kid in his bedroom playing air guitar - he's not a rockstar.

The problem is for this Chancellor, is that by the end of this Parliament seven out of eight people will be paying more taxes - only one in eight will be paying less taxes."