Is this really the Tory party’s election budget?

February was a tough month for Jeremy Hunt, as he tried to roll back the tax cut promises that were made by himself and Rishi Sunak in January. The money simply did not materalise, despite the government borrowing less than expected in recent months. The rough £15 billion that independent forecasts now think the Chancellor has for additional announcements is not enough to deliver the major income tax cuts Hunt wanted to announce. 

The disappointment is palpable. Appearing on BBC One this morning, Hunt squashed all remaining hopes that this Wednesday might be the tax-slashing Budget Tory MPs were desperate to deliver ahead of an election.

‘The most unconservative thing I could do,’ he told Laura Kuensburg, ‘is to cut taxes by increasing borrowing, because that’s just cutting taxes and saying future generations have to pick up the (price) tag. So, I won’t do that. But I do want, where it’s possible to do so responsibly, to move towards a lower tax economy, and I hope to show a path in that direction.