Rishi Sunak pledged to “support the British people in tackling rising energy costs”. In this context, the Prime Minister’s spring statement adds little to the previously announced measures, which will be a little comfort to families concerned about whether they can afford their weekly shops.

This cost of living crisis The latest annual inflation figures in focus, rising at fastest pace in 30 yearso 6.2% in February. This may just be the tip of the inflation iceberg. The energy price cap will rise sharply next month, and we expect energy bills to increase by another 40% in October. Even if we’re supposed to get rid of the worst of winter weather, just keeping the lights on can put a strain on household budgets.

Prices of goods leaving the factory are at their highest level in 14 years, with food prices at the top of the list. Material costs are also rising, and the devastating war in Ukraine is exacerbating the situation.

Prices of oil, gas, wheat, metals and vegetable oils have soared since the Russian invasion. Making stuff, shipping stuff, and ultimately buying stuff is only getting more expensive. The Bank of England had hoped that 7.5% would be the peak of inflationary pain, but it has accepted that the situation has changed. Prices will continue to rise – double-digit inflation for the first time in 40 years is a real possibility.

This Spring Statement So this is a great opportunity to make some bold changes to help families through the tough months ahead. Disappointingly, it appears to have missed an opportunity.

The big news is the income tax rate cut, but that’s scheduled to happen in 2024, so it won’t help families struggling with the cost of living now or for the next two years.

There are loud calls from many corners for the chancellor to do more to help families facing rising bills today. Based on not being able to pay these bills with an IOU for two years, many would think he wasn’t enough.

This cut fuel tax 5p per litre means the driver of an average 55-litre car will save £3.30 each time they refuel. That’s just a fraction of the overall recent rise in fuel costs, and it’s no good for those who don’t use a car regularly or don’t have one.

Savings of this magnitude also do little to offset the £1,500 increase each household is expected to see in their home energy bills this year. On the topic, the chancellor has little to say other than adding an extra £500m to the household support fund, bringing it to £1bn.

On National Insurance, Sunak goes further than leaked plans, raise the bar Pay the National Insurance premium of £12,570, which means most people earning less than that limit will not have to pay income tax or National Insurance.

By taking action in July rather than immediately, the government is making sure taxpayers don’t get a full year of benefits. But it still means the average worker earning more than £12,570 will save £330 a year once the change starts. The government says the 70 per cent of people who currently pay National Insurance will see their bills fall, even as it pushes for a 1.25 per cent increase in levy.

However, the current crisis requires more drastic action. The National Insurance increase could have been scrapped or at least delayed until households were less financially stressed and better able to take on the extra burden.

Sunak could have opted to delay the freeze on income tax coverage, a measure that imposes a hidden tax on the working population, especially as inflation rises.

Government borrowing this year will be £50bn less than the Office for Budget Responsibility forecast in October. More money could have been used to help families cope with the price spikes they now face in almost every aspect of their lives.

The author is AJ Bell’s Personal Finance Director.