In the budget, Hunt abolished the non-dom tax status, reduced employee's national insurance by 2%, froze alcohol and fuel duties, increased tobacco and vapes duties, extended the oil and gas windfall tax, increased the child benefit threshold, announced further energy measures, announced further levelling-up funding, reduced capital gains tax by 4%, extended the Household Support Fund and increased the VAT threshold to £90,000 for small businesses, and kept income tax personal allowances at the same level (fiscal drag) [3][4] The Budget announced the "biggest ever funding boost from government" for renewable energy.

This prompted analysts, including Ruth Gregory, deputy chief UK economist at Capital Economics, to suggest the Chancellor would have room to make potential tax cuts.

[13] But the Institute for Fiscal Studies warned the UK was facing its worst economic situation since the 1950s, and said any promise of tax cuts may have to be postponed,[14] while the International Monetary Fund (IMF) "advised the UK against further tax cuts" during its assessment of the world economy.

[17] Official figures released on 15 February indicated the UK had entered recession, after the economy shrank by 0.3% between October and December, having already contracted between July and September 2023.

It subsequently emerged that HM Treasury had overspend by £9.5bn in the run up to the budget, something that led Rachel Reeves, who replaced Hunt as Chancellor following the election, to claim the Conservatives had left a "hole" in the public finances.