The Budget could have been “a bit more punchy,” according to a former chief economist at the Bank of England, who fears Jeremy Hunt was held back by the memory of the Liz Truss crisis.

Andrew Haldane said he could not remember many statements by Chancellors that had “fewer white rabbits” pulled out of the hat to impress voters.

Jeremy Hunt announced a 2p cut in National Insurance, although his flagship policy had already been heavily trailed in the media.

He was asked if Mr Hunt had been forced to reassure people in the wake of the Liz Truss mini-Budget, which triggered a crisis in bond markets after the announcement of £45bn of unfunded tax cuts.

Mr Haldane told the BBC that the Chancellor could not have pushed things last year but added: “We’re just about getting far enough away from the Truss Budget to think that financial markets have regained their poise, and therefore something that tells a good story about growth, even if it were at the expense of a bit more borrowing, would be accepted. It would even be welcomed.”

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