Rising costs are a massive concern for many families in Dudley South, and particularly those on fixed incomes.

Although the British economy is now bigger than it was before the start of the Covid pandemic, the world is poorer after two years of reduced production leading to high demand for a reduced supply of goods.

When that happens, prices rise and around the world – in Europe, North America and in Australia – prices are going up more quickly than we have seen in years.

Those price pressures are made even worse by the effects of Russia’s invasion of Ukraine. Not only have sanctions reduced the amount of oil and gas available in Europe, but as Russia and Ukraine were among the world’s biggest producers of grains. That means that Putin’s war is making the cost of energy, petrol and food more expensive at a time when prices were already rising.

It would be dishonest for Government to pretend it can stop that happening or to take away all of the pain that causes.

But while it can’t make the problem go away, there are some things that Government can do to help.

That’s why, in his Spring Statement this week, the Chancellor rightly focussed on putting more money into people’s pockets to try and ease the burden of price increases on those who can least afford them.

The 5p cut in Fuel Duty for the next 12 months was a very welcome measure, making duty on petrol less than at any time for 13 years and the lowest in real terms for many decades. Not only will this reduce the cost each time a driver fills their tank, but by reducing the cost for businesses to transport goods, the benefit should also filter down to non-car drivers through a slower increase to prices.

To help working families who are struggling to make ends meet, many of us had asked the Treasury to increase the threshold at which people start paying National Insurance so as to leave more of the money people earn in their own pocket. I couldn't have been more pleased to hear the Chancellor announce that he has listened to these calls and that the threshold will be increased right up to £12,570 – the same level at which workers begin to pay income tax.

It will mean a £330 tax cut each year for more than 30million families to help their money go further and deal with increased prices. Workers earning less than £35,000 per year will save more from the increased threshold for National Insurance Contributions than they will pay towards the Health and Social Care Levy that was announced last year.

Alongside action that the Chancellor has already taken – including allowing 2million low-income families on Universal Credit to keep more of their money as they earn more and giving households a £150 rebate off their council tax bills this year – these measures will help people in Dudley South to deal with some of the most difficult economic circumstances that we have seen worldwide for many years.