Hunt and Prime Minister Rishi Sunak are battling to plug a £50billion hole in the UK’s finances, and keep the lid on inflation.

The UK's tax take is already at a 70-year high but that won't stop the deadly duo.

We saw what Sunak is capable of, when he was Chancellor.

Back in March 2021, he froze income tax, capital gains tax and inheritance tax threshold for five years, dragging millions into higher tax brackets as inflation rises.

He also froze the threshold for paying the brutal 55 percent tax on pensions, and brought in the controversial 1.25 percent National Insurance increase.

Sunak said this was needed to fund his own Covid furlough blitz.

Now he’s lining up a second attack, using predecessor Kwasi Kwarteng's disastrous mini-Budget as cover.

It's for our own good, apparently.

The big three personal taxes are income tax, National Insurance and VAT. One of these will have to give, if the Treasury is to make its sums add up.

Increasing VAT from today’s 20 percent would only worsen the cost of living crisis by driving prices even higher.

That would scupper Bank of England efforts to squash inflation by hiking interest rates.

Income tax thresholds have already been frozen until at least April 2026, costing millions a staggering £2,000 each.

Hunt now seems likely to extend the freeze to 2028. That might helps his maths and could be eased later.

I still reckon he needs to do more and I don't think we can rule out restoring the NI hike. It was Sunak's baby after all.

U-turning here would be hugely embarrasing, but generate a much-needed £12billion a year.

I wouldn't rule anything out today. Sunak and Hunt surely haven't.