Budget 2024 live: Everything Jeremy Hunt announced from cigarette prices to pensioners

Jeremy Hunt’s tax cuts pose “significant risks”, the watchdog has warned, as Labour has accused the government of “literally burning the house down” when it comes to public finances and services.

The chancellor announced a further two percentage point cut in national insurance among a series of measures aimed at wooing voters ahead of this year’s general election as the Tories’ popularity languishes at a 45-year low.

The Office for Budget Responsibility (OBR) issued its warning over today’s statement as it also revealed that the average worker on a £35,000 salary will still be £383 worse off over this year and the next due to stealth tax rises.

A spokesman for the Labour Party told reporters following the Budget: “We are under no illusions about how bad the inheritance will be if we are to win the next election