While no final decisions have been made, Hunt hasn't ruled out tax cuts. The potential cuts come as part of a larger £4.5 billion initiative to boost British manufacturing in sectors where the UK could excel.
Tax levels in the UK are at their highest in 70 years, but economists estimate the Chancellor could have over £10 billion for tax cuts. One option under consideration is a reduction in inheritance tax, a 40% tax on the value of an estate above a threshold.
Hunt's decisions may also include using October's inflation figure to uprate benefits, potentially reducing working-age benefits spending by around £3 billion.
Additionally, there could be business tax cuts, with expectations of an extension or permanence of the policy allowing firms to offset new machinery and equipment expenses against profits.
The Chancellor's choices will depend on fiscal rules and policy directions, with the Autumn Statement to outline the government's tax and spending decisions.