Jeremy Hunt hinted at further cuts to National Insurance as he hailed a “decisive” fall in inflation today. 

Official data published by the Office for National Statistics this morning showed inflation had fallen from four per cent in January to 3.4 per cent in February. 

The Chancellor said inflation is now due to return to the Bank of England’s target of two per cent “within months” and this “sets the scene for better economic conditions which could allow further progress” on increasing economic growth and cutting taxes. 

He said: “The plan is working. Inflation has not just fallen decisively but is forecast to hit the two per cent target within months. 

“This sets the scene for better economic conditions which could allow further progress on our ambition to boost growth and make work pay by bringing down National Insurance as we work towards abolishing the double tax on work - but only if we can do so without increasing borrowing or cutting funding for public services.”

Mr Hunt cut National Insurance at the Autumn Statement in November and then again at the Budget earlier this month. His comments suggest he could go further in a potential pre-general election giveaway later this year.

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