Following the Spring Budget 2023, the Chancellor laid out a range of policies, which included plans to change pension allowances, capital allowances and full expensing.  

During the Committee, when questioned about his predecessor Kwasi Kwarteng, Hunt told MPs that the tax cuts and spending plans announced last September were ‘mistakes’.

Hunt told MPs: ‘Yes, there were some mistakes in the mini-Budget which we had to reverse and in particular I think it is clear you can’t fund tax cuts through increased borrowing. That is a clear thing that we changed course on.’

The Budget announced a further investment of £47.2m to finance HMRC debt management. However, there has been nothing for HMRC compliance work, despite the tax gap in related fraud currently standing at £14.4bn.