Houdini Hunt is rumbling about behind the sofa cushions in search of funding for pre-election tax cuts, an endeavour that fails to take account of the inseverable link between public services and overall living standards. Yes, many are being squeezed hard by the surging cost of living, and in these circumstances who wouldn’t welcome a bit more cash in their pocket? But there’s little point if the overall direction of travel is relentless decline.
With the UK having fallen into recession at the end of last year, the Chancellor has considerably less wriggle room on spending than previously projected. The latest forecast from the Office for Budget Responsibility – which has been handed over to the Treasury and will be made public tomorrow – reportedly shows headroom of about £13 billion before Mr Hunt comes up against his self-imposed rules on government debt as a share of the economy. That compares to some £30bn in November of last year.
READ MORE: Budget build-up marked by 'excitement and trepidation'
And so Mr Hunt spent this past weekend playing down suggestions of a big package of giveaways in tomorrow’s Spring Budget, only to be upended by yesterday’s bombshell polling figures from Ipsos showing that support for the Tories has plunged to its lowest since 1978 with just 20% of voters now backing Rishi Sunak’s Conservative Party.
Amid fevered speculation over what’s in and what’s out in tomorrow afternoon’s announcement, most experts are still expecting a further cut to the level of National Insurance paid by employees on their salaries. A less likely........