Rishi Sunak will commit to have Britain’s £2.2trillion debt falling by next election in Budget for ‘post-Covid’ age

RISHI Sunak will vow to have Britain’s £2.2trillion debt falling by the next election as he unveils his Budget for the “post-Covid” age.

The Chancellor will call time on the cash splurges of the pandemic.

New rules will outlaw borrowing to fund day-to-day government spending within three years.

But better-than-expected growth means the axe will not have to fall so hard, meaning cash for “strong public services, vibrant communities and safer streets”.

And the Chancellor will throw red meat to traditional Tories by vowing to tackle the debt mountain.

“Squishy Rishi” will drive down some department costs and warn “resilience” to future financial hits is needed as there are growing fears over inflation.

But Paul Johnson, of the Institute for Fiscal Studies, predicted Mr Sunak would have “tens of billions” worth of headroom freeing him up to possibly ease the cost-of-living crisis with some Budget surprises.

There were also growing hopes last night he would slash the harsh Universal Credit taper rate.

In a win for The Sun’s Make Universal Credit Work campaign, the Treasury may let workers keep more of the money they earn and incentivise them to take on extra work.

Mr Sunak was due to tell MPs: “Today’s Budget begins the work of preparing for a new economy post-Covid. An economy fit for a new age of optimism.”

Meanwhile, the Treasury was at war with the Commons Speaker over Budget leaks — with Sir Lindsay Hoyle expected to reprimand the Chancellor publicly today.