Rishi Sunak says he is “prepared to act if necessary” over the cost of living crisis, as he defended his Spring Statement at the Treasury Committee.

The chancellor said: “It is very difficult to sit here today and speculate on what happens to energy prices.

“Let’s wait until we get there and then can decide on the most appropriate course of action.”

In a testy committee session, Sunak denied he’d described himself as a ‘tax-cutting chancellor’, and sparred with SNP shadow chancellor Alison Thewliss over the government’s economic support for families hit hardest by the rise in energy prices.