Jeremy Hunt looks to cut NICs again despite IMF warning of £30bn fiscal hole

World body's latest health check of UK economy says unpopular revenue-raising measures' may be needed

Jeremy Hunt is preparing a pre-election cut in national insurance despite a warning from the International Monetary Fund of a looming 30bn hole in the public finances, Downing Street has indicated.

Rishi Sunak's spokesperson said the government rejected the IMF's argument that there was no room for a third cut in NI in less than a year and that the Treasury should instead be thinking about tax increases or spending cuts.