Jeremy Hunt dampens tax cut hopes as borrowing hits record high

Chancellor vows to stick with ‘tough decisions’

Hunt is said to be preparing to disappoint frustrated Tory MPs (AP)

Chancellor Jeremy Hunt has dampened Tory hopes of tax cuts at his upcoming Budget as the latest government figures show state borrowing hit another record high last month.

Mr Hunt vowed to stick with the “tough decisions” needed to balance the books, as the mounting cost of the energy support schemes and soaring debt interest pushed borrowing to a December record.

The chancellor is said to be preparing to disappoint frustrated Tory MPs who backed the Truss government’s plan for the radical tax cuts with a “slimmed down” Budget in March.