Jeremy Hunt got the job as Chancellor because he is very different from his predecessor. If Kwasi Kwarteng was rash and unpredictable, Hunt is calm and dependable, if a little dull. Those characteristics will be reflected in Hunt’s Budget, which he will unveil in the Commons this afternoon at 12.30pm. There are unlikely to be any rabbits coming out of his hat.

Hunt’s headline measure is an increase in the pensions lifetime allowance from £1.07 million to £1.8 million. The Chancellor hopes that this benefit, which will affect up to two million people, will encourage older workers to delay retirement if it allows them to build up a bigger pension pot before they finish work.

One of the big question marks is whether Hunt goes ahead with his controversial hike in corporation tax

There will be good news for parents in Hunt’s announcement: free childcare of 30 hours a week for working mums and dads in England is due to be expanded to cover one and two-year-old children (currently it applies only when a child turns three). The Chancellor says this is part of a package to ‘break down the barriers’ to work for mums and dads. He is also expected to up funding for the existing programme of free childcare for parents of those aged three and four – and could allow for a relaxation on staff-to-child ratios to reduce costs.

Drivers are also expected to be handed a welcome year-long extension of the 5p cut in fuel duty – which will cost the Treasury up to £6 billion. The energy price guarantee, which aims to protect people from the soaring cost of energy by capping average prices to £2,500, will also be extended, for three months.

Rishi Sunak has tried to emulate his predecessor, Boris Johnson, by supporting Ukraine in its war against Russia. This is reflected in Hunt’s announcement that defence funding will be increased by £5 billion over the next two years (even if this falls short by £5 billion of what the Ministry of Defence asked for).

One of the big question marks is whether Hunt goes ahead with his controversial hike in corporation tax. This currently sits at 19 per cent but is due to rise to 25 per cent in April. Big businesses, including Dyson, have warned agains the measure. But it seems likely their pleas will fall on deaf ears: Hunt is expected to press ahead with the plan which was first announced by Rishi Sunak in 2021 when he was chancellor. Hunt is, however, expected to offer an olive branch to businesses: by offering tax breaks to firms who invest in the UK.

Hunt says his Budget aims to incentivise growth:

‘In the autumn we took difficult decisions. Today, we deliver the next part of our plan: a budget for growth. Not just growth from emerging out of a downturn but long-term, sustainable, healthy growth that pays for our NHS and schools, finds good jobs for young people, provides a safety net for older people.’

Let’s hope he’s right – and his announcement goes down better than that made by Kwarteng.