Jeremy Hunt got the job as Chancellor because he is very different from his predecessor. If Kwasi Kwarteng was rash and unpredictable, Hunt is calm and dependable, if a little dull. Those characteristics will be reflected in Hunt’s Budget, which he will unveil in the Commons this afternoon at 12.30pm. There are unlikely to be any rabbits coming out of his hat.
Hunt’s headline measure is an increase in the pensions lifetime allowance from £1.07 million to £1.8 million. The Chancellor hopes that this benefit, which will affect up to two million people, will encourage older workers to delay retirement if it allows them to build up a bigger pension pot before they finish work.
One of the big question marks is whether Hunt goes ahead with his controversial hike in corporation tax
There will be good news for parents in Hunt’s announcement: free childcare of 30 hours a week for working mums and dads in England is due to be expanded to cover one and two-year-old children (currently it applies only when a child turns three).
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