Despite childcare and pension concerns, Jeremy Hunt’s Budget largely stands up to scrutiny

Editorial: The context for the Budget was always making the best of a bad job, and making the most of the limited choices available

(Dave Brown)

There is an old Westminster adage that a Budget that looks good on the day will look terrible in the morning, and Jeremy Hunt’s first (formal) effort as chancellor looks to be conforming to the saying, at least to some extent.

In contrast to Mr Hunt’s first efforts last year, which rescued the public finances after the disastrous Truss-Kwarteng dash for growth, and have stood the test of time well, his latest package has raised almost as many questions as it has answered. Mr Hunt and his colleagues would do well to address them sooner rather than later.

The most troublesome looks to be the reform to the size of pension pots individuals are allowed to amass over their lifetimes. Once there was no limit at all. But, more than a decade ago, George Osborne, as chancellor, ruled that the generous tax reliefs available to those wealthy enough to be in that position should be capped when the value of the funds reached about £1m.