Higher taxes ‘will be permanent’ in the UK as Hunt attempts to boost economy in Budget

While the OBR is set to revise its review to reflect the growing consensus of a stagnant economy, the think tank’s head highlighted that the public purse is still “enormously worse” compared to last year.

Due to this, Mr Johnson does not believe Jeremy Hunt will be able to implement tax cuts in his Spring Budget.

In lieu of this, he recommended that the UK Government redirects its attention to improving relationships with the EU in a bid to get better access to the single market.

Mr Johnson added: “In terms of the growth of the economy, getting as close as we can to the European single market is quite important.