Samuel Tombs of Pantheon Macroeconomics predicted that political factors will encourage Mr Sunak to use his financial wriggle room to cut energy bills instead of delaying tax rises.

“We think that some form of intervention from the Treasury to limit the increase in Ofgem’s energy price cap in April is likely,” he said.

“We doubt, however, that the Chancellor will defer the introduction of the increase in National Insurance contributions in April. It is best politically to get large tax rises out of the way well before the next election, which likely will be held in May 2024.”

The Treasury raked in more tax receipts this December than last as business rates relief was cut back, bringing in £2bn in the month, up more than one-third on the year before. Fuel duty raised £2.3bn, up almost one-fifth following a rise in petrol and diesel prices. The take from stamp duty rose to £1.9bn, up by 44pc compared with December 2020, after a tax holiday fully ended in September, .

Strong employment and the end of furlough meant pay as you earn income tax raked in £16.3bn, up more than 11pc. Corporation tax receipts rose by a similar proportion.

Overall, current tax receipts climbed by 10pc to £68.5bn for the month.

By contrast, current government spending fell 1.5pc as the furlough scheme and self-employment support ended.

However, there are still upward pressures on spending. The UK’s debt interest bill jumped from £2.7bn in December 2020 to £8.1bn in December 2021, driven by surging inflation which pushes up the cost of servicing index-linked bonds.

Spending on public sector pay rose by more than 9pc to £14bn in the month, and procurement – including vaccines and Covid tests – rose by 6.4pc to £18bn, in the face of the new wave of coronavirus.