The call has come from Susannah Streeter, head of money and markets at Hargreaves Lansdown.

She said Mr Hunt needs to provide a lot more detail about where the funding will come from for his growth plans.

She said: “Me Hunt has said he wants a low tax economy to incentivise companies to invest, but underlines this can only be done if spending is curtailed, and he seems glued to debt reduction plans.

“Yet his other goals to improve education and employment will require significant new funding to really move the dial on the issues holding back productivity.”

She said, for example, getting the 6.6million people who are economically inactive back to work will require fresh new ideas and re-training programmes.

She pointed out that improving literacy and numeracy won’t be easy when mass teachers’ strikes are planned over pay and conditions, while clearing NHS backlogs will prove increasingly difficult if health care workers stage fresh walkouts.

She added: “The surprise £5.4bn surplus in government finances in January should give more room for manoeuvre when it comes to finding a compromise on public sector pay demands. The announcement of deals in the budget would certainly grab the headlines.”

Hargreaves last week called for the Chancellor to reform the Money Purchase Annual Allowance, along with other firms.

Helen Morrissey, head of retirement analysis at Hargreaves Lansdown, said: “The MPAA needs to be removed as part of a wider review of pension tax relief.”

The Spring Budget 2023 will take place on Wednesday 15 March.