Chancellor Rachel Reeves will deliver a low key Spring Statement to the House of Commons today.
The update comes as global energy markets have been rocked by conflict in the Middle East, driving concerns about energy and fuel prices and intensifying calls for fiscal action.
Reeves has signalled the statement will be brief and focused on updating the economic outlook.
The Chancellor is under pressure to address cost pressures facing households and businesses, including rising fuel costs as geopolitical tensions push energy prices higher.
Political pressure is also mounting on the government’s tax regime for the energy sector. Industry figures and politicians have called on Reeves to scrap the Energy Profits Levy (EPL) - a windfall tax on North Sea oil and gas profits.
The levy, which was extended and increased in recent years, is deterring investment and threatening jobs in the North Sea energy industry, particularly at a time when energy supply concerns are heightened.
Reeves’s address will also be watched for any sign of responsiveness to calls on fuel duty relief, as consumers and business groups alike lobby for measures to ease the burden of higher energy costs.