CHANCELLOR Rishi Sunak’s Spring Statement has plunged millions of households into “absolute poverty and despair,” campaigners said today, warning that a series of weak pledges will do nothing to tackle the mounting cost-of-living crisis.

The so-called mini-budget was delivered against a backdrop of rising fuel, energy and food costs as well as the announcement that inflation rose by 6.2 per cent in the last 12 months to February — the fastest increase in 30 years.

Mr Sunak announced that the threshold for paying National Insurance contributions will be raised by £3,000, along with a 5p cut to fuel duty, a doubling to £1 billion of funding for councils to support vulnerable households and a further £500 million for local authorites to continue to provide targeted welfare support to low-income households.