Despite an unexpected surplus windfall of £5.4bn fueled by record Self Assessment tax revenue receipts of £21.9bn in January, the Chancellor's top priority is to bring down inflation, and think-tanks suggest that it may be too soon for a major giveaway Budget.

One area that the Chancellor is reportedly considering is whether to freeze fuel duty for the year rather than going ahead with the proposed increase of 12.3p per litre currently assumed in the Treasury fiscal plans. The freeze will cost approximately £6bn.

Another potential area being speculated is the freeze on alcohol duty until August, which would be good news for pub landlords.

There are reports that the government's cost-of-living packages may be reduced to focus on targeting those most in need and rein in government spending.

On the subject of pensions, there may be an announcement regarding an increase in the state pension age, which is currently set to rise to 68 between 2044 and 2046. This could be brought forward to the mid-2030s.

Finally, there have been calls for an increase in military spending since Russia's invasion of Ukraine, and the Chancellor has indicated that he will listen to demands for an increase. However, there is likely to be disagreement over the size of any spending rise between the Treasury and the Ministry of Defence.

Alongside the Spring statement, the Office of Budget Responsibility (OBR) will be announce its latest forecast based on the policy and decisions that have been announced and the current condition of the UK and global economy.

We will keep you posted on the announcements and changes when the statement is released.