Jeremy Hunt will present the Government’s financial statement to Parliament this Thursday. Appearing on current affairs programmes at the weekend.

Hunt spoke of his belief that the entire nation must share the burden of closing the hole in the country’s finances. He believes that he and the Prime Minister must make some tough decisions, and provide support for families most affected by the cost-of-living crisis.

Everyone will have to pay more in taxes, according to Hunt, but observers will want to see the detail of the package before they pass judgement on how fair it is.

It is rumoured that the 50p top rate of income tax will be reintroduced, which affects the highest earners.

The cut in the basic rate of tax will be pushed back for another year which will allow the Conservatives to introduce it as a sweetener, in the run-up to the next General Election.