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Chancellor Jeremy Hunt will on Wednesday put a £10bn personal tax cut at the heart of his Budget which he is billing as a plan to help households with the cost of living crisis.

The package of measures is expected to include a cut to the basic rate of income tax from 20% to 19%, and an increase in the income tax personal allowance.

However, the Resolution Foundation think tank has warned that the tax cuts will not be enough to offset the impact of rising energy bills and other costs.

The think tank said that the average household will be £1,000 worse off next year, despite the tax cuts.

Hunt has said that the tax cuts are necessary to stimulate economic growth.

However, the Resolution Foundation said that the tax cuts will not be enough to offset the impact of rising energy bills and other costs.

The think tank said that the average household will be £1,000 worse off next year, despite the tax cuts.

Hunt has said that the tax cuts are necessary to stimulate economic growth.