Rishi Sunak is battling to turn the tide in favour of the Conservatives ahead of a general election expected next year.
The Prime Minister must go to the country by January 2025 amid intense speculation over the date.
Chancellor Jeremy Hunt fuelled the rumour mill earlier this week by announcing a March 6 budget.
Mr Hunt’s confirmation of an early March budget leaves open the possibility of the ballot taking place on the same day as local elections on May 2.
But many in Westminster expect the national vote to be held in the autumn to give the PM more time to turn around the economy.
Labour has maintained a lead of around 20 points over the Tories in opinion polls.
The Conservatives are expected to make major tax cuts in the spring to boost Mr Sunak’s chances.
The PM hinted at slashing the record tax burden in his New Year message to the nation.
The Telegraph reported earlier this week that he was looking at scrapping inheritance tax or reducing income tax.
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Mr Sunak made five bold pledges to voters at the beginning of the year but has so far only met one of them which was halving inflation.
His promise to stop small boats crossing the Channel remains under threat with emergency legislation aimed at getting the Rwanda plan off the ground due to return to the Commons next month.
It comes as Boris Johnson’s former chief adviser Dominic Cummings has claimed Mr Sunak sought a “secret deal” with him in a bid to win next year’s election.
Mr Sunak entered No 10 in October last year following the outings of Liz Truss and Boris Johnson.
