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2p cut to national insurance already reported and further tax cuts may come as chancellor announces spring budgetThere is a long history of governing parties cutting taxes in budgets just before general elections, and new governments (often from the same party) whacking them up again in the first budget after polling day. Jeremy Hunt is obviously in election bribe mode today, but this chart, from the Institute for Fiscal Studies thinktank, which covers fiscal events up to last year’s autumn statement, suggests that what he is doing is not unprecedented. Denis Healey did something similar before the 1979 election, which Labour lost, and Geoffrey Howe before 1983, which the Tories won.Jeremy Hunt has been talking about “great budgets” this morning. He did not quite say today’s would be in the list, but in a video broadcast on X this morning, the chancellor said:Great budgets change history. The bit of history I want to change is to show people it is possible, if we stick to a plan through all the ups and downs, through all the challenges, it’s possible to have healthy growth, good public services, and to bring down taxes. Continue reading...