Chancellor Set To Announce Cost Of Living Relief Package ~1130GMT

Chancellor of the Exchequer Rishi Sunak is due up in the House of Commons at around 1130GMT (0630ET, 1230CET) to announce a series of measures intended to ease the 'cost of living' crisis facing the UK amidst rising inflation, an increase in taxes, and a hike of the energy price cap. Treasury said to be working closely with the BoE to assure both consumers and markets ahead of Sunak's announcement and the BoE rate decision.

• OFGEM, the energy regulator, is set to announce the scale of the energy price cap increase today at 1100GMT. The BBC reports it could be as high as GBP2,000 per household, up from GBP1,227 at present.
• Livestream of Sunak's statement to the Commons can be found here.
• The chancellor will then hold a televised press conference at 1700GMT (1200ET, 1800CET) on the subject of the measures set to be announced in the Commons.
• Gov't facing criticism from its own backbenches on the potential plans for a 'rebate' on energy bills that consumers would pay off in the future. Free-marketeer Conservatives calling for a removal of VAT on energy bills and scrapping 'green levies'.