Chancellor Jeremy Hunt faces increasing pressure as he prepares to deliver the final Budget of the Conservative Party's 14-year tenure in office. Following the fallout from the Liz Truss disaster, Hunt's decisions in this Budget are eagerly anticipated, particularly after abandoning previous plans for tens of billions of tax cuts.

The pressure on Hunt is amplified by the looming prospect of a general election, which is now just months away. Conservative colleagues have expressed their desire for tax cuts, not only because the overall tax burden is at its highest, but also due to the party's ideological leanings. As one MP candidly stated, it is a "good Conservative principle" to allow individuals to keep more of their own money, offering the perception that things are improving.

However, polling results indicate a divide among the public's preferences. While some indicate a desire to allocate funds towards improving strained public services, others display a more self-interested approach, suggesting that the public may be split on the issue. One MP humorously quipped that they believe nobody should pay any tax and that spending should increase.

Although the details have yet to be confirmed by Hunt, it is expected that the Treasury will pursue a National Insurance cut. This measure is seen as a quick way to reduce tax payments for millions and has been previously announced by Hunt. However, it remains to be seen whether such a move would have a significant political impact, as previous attempts to improve polling numbers have not resulted in lasting changes.

In an effort to change the political atmosphere, Conservatives are demanding initiatives that resonate with the public. One potential move would be to close legal loopholes for "non-doms," wealthy individuals who avoid paying taxes on overseas income. This policy change could free up funds for other purposes, such as the National Insurance cut. Additionally, it would put pressure on the Labour Party, forcing them to find alternative sources of funding for their proposed initiatives, including additional NHS staff and breakfast clubs in schools.

Labour, in turn, plans to implement a windfall tax on oil and gas companies. However, if the Chancellor adopts a similar approach, it could impact the funds allocated by Labour for green jobs and green energy initiatives. This would create further complexities for the opposition party as they search for alternative means to finance their plans in a period of limited public expenditure.

As the final Budget announcement approaches, the precise details of any policies will be crucial. A Labour source criticized the Conservatives, stating that stealing Labour's plan only leaves the public wondering about the purpose and direction of the ruling party after 14 years in power.

Chancellor Jeremy Hunt, alongside Rishi Sunak, faces the challenging task of striking a fine balance between appeasing his Conservative colleagues' demands for tax cuts, providing initiatives that resonate with the public, and ensuring a strong economic framework going into the final stages of the Conservative Party's tenure in office.