In a week’s time, Jeremy Hunt will stand up at the despatch box and unveil the Spring Budget. This event has long been seen by Tory MPs as a key marker ahead of the general election. It is the last big set piece event in the calendar between now and the short campaign. Ministers, too, have raised expectations about what could be in it – with Rishi Sunak telling The Spectator in December to expect a ‘gear shift’ in taxation.
However, the problem for Sunak and Hunt is that they are likely to disappoint. Despite the government recouping record revenues in January, the public finances are not as healthy as was predicted at the beginning of the year. Expected rate cuts failed to transpire as inflation has remained stubborn. Instead, high debt servicing payments and other spending promises (in areas like healthcare and childcare) mean Hunt and Sunak are boxed in.
There is some trepidation about next week’s event.
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