According to the Institute for Fiscal Studies and the Resolution Foundation, the chancellor’s ideas will cost billions of dollars at the expense of public services.

From 2010 to 19 following the financial catastrophe, coalition and Conservative governments slashed state spending through austerity.

Downing Street believes that real-terms spending is currently increasing.

Mr Hunt announced in Wednesday’s Autumn Statement that he will reduce National Insurance from 12% to 10% beginning in January, at a cost of £10 billion.

He also renewed or made permanent various company tax advantages.