Families up and down the country face the reality of the worst real-terms incomes squeeze in 50 years. But support to families in yesterday’s spring budget was woefully inadequate, with too little for the people struggling to afford life’s essentials and too much for those who didn’t need it.

There were many things Rishi Sunak could have done to take the pressure off families, like bolstering social security to support families at the sharp end of this crisis, a windfall tax on energy producers’ excess profits to soften the rise in energy prices, and investment in housing retrofit to improve energy security for all. But the chancellor failed to do any of that. He is about to learn that you can’t tax cut your way out of a cost-of-living crisis, and millions of people will pay the price.

Miatta Fahnbulleh, Chief Executive, NEF