It provides updates on the country's finances, tax plans, and public spending based on forecasts from the Office for Budget Responsibility (OBR).

Key challenges facing the UK economy include high inflation, increased government borrowing costs, and pressure to cut taxes.

The statement may address pension increases, possible changes to the triple lock, sanctions for rule-breaking claimants, an extension of the mortgage guarantee scheme, energy-efficient property incentives, potential cuts to inheritance tax, and a shake-up of the tax-free Isa savings market.

While some aspects of the statement affect the entire UK, Scotland, Wales, and Northern Ireland make some tax and spending decisions independently.