Chancellor of the Exchequer, Mr Sunak, unveiled an ambitious spending plan yesterday as he sought to ease fears of economic downturn following the pandemic. Many have expressed concern over the UK's accelerating inflation, with the Chancellor warning yesterday that this figure will average at around four percent next year. But this hasn't deterred the Government from planning for big expenditure. Universal Credit claimants will be handed a boost when the taper cut comes into force in December, Whitehall departments will see a rise in overall spending, totalling ￡150billion, and a Levelling Up Fund will mean ￡1.7billion invested in local areas across the UK.

       In other areas, there will be an extra ￡2.2billion for courts, prisons and probation services, including funding to clear the courts backlog, and ￡6billion of funding to help tackle NHS backlogs.

       The Chancellor also set aside ￡7billion for transport projects in areas including Greater Manchester, the West Midlands and South Yorkshire.

       Nimesh Shah of Blick Rothenberg told Express.co.uk that he is unsure how the Government will pay for its new economic agenda.

       He said: "This Budget felt like it was lots of spending, lots of giveaways. Many people are saying that actually this is a Boris Budget rather than a Sunak Budget.

       "It was a lot of 'we are doing this for businesses, we are doing this for families, investing in infrastructure, technology, green Britain'. A lot of buzzwords, but I didn't feel it had that substance.

       "The question I keep asking myself is 'how are we going to pay for all of this?'. We are still talking about ￡300billion spent on the pandemic and over ￡2trillion in debt.

       "We know that Sunak has said he is minded on fiscal responsibility, so that does that mean we are going to see tax rises in the future?"

       The latest data shows that the UK government borrowed ￡21.8billion in September. While this was ￡7billion less than in the same month last year, it was still the second-highest September borrowing since monthly records began in 1993.

       In the previous financial year, the government had borrowed ￡319.9billion, the highest level in any financial year since records began in 1947.

       While the UK has borrowed a lot of money during the pandemic, 37 percent of this is owned by the Bank of England and low interest rates have made it cheaper for the Government to borrow.

       Mr Shah also told Express.co.uk that he found Mr Sunak's Budget "underwhelming."

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       He continued: "It was a well rehearsed speech, we saw that from the pictures the day before. But it was actually quite underwhelming.

       "It was a lot of words, a lot of numbers. But it was a Budget without a lot of substance behind it.

       "The headline, really, was what wasn't in that Budget. The bad news had already happened with the freezing of allowances in March and the health and social care levy being introduced.

       "That's going to hurt working families. He talked about this being a Budget for working families,. There were some limited changes to Universal Credit, there was a freeze on fuel duty.

       "Inflationary pressures and the increase in interest rates are around the corner, there's a lot for hard-working families to think about."

       Many will have been encouraged by both the Universal Credit boost, and the news of an increased minimum wage.

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       But Mr Shah believes inflation, which could go as high as five percent according to the Bank of England, will cancel out much of these increases.

       He added: "It's difficult to put a number on it, but the Government has said today that inflation is targeted at four percent next year, which is significant.

       "With the changes to Universal Credit and the increase in the living wage, you'll do well for the two of them to net off against inflation – for a neutral impact.

       "I don't think this represents any sort of give away from the Government. No one really knows how the inflationary aspect will turn out, but the economics are suggesting we will see significant inflation over the next 12 months.

       "I don't think the changes that have been announced will temper that. I think working families have got a tough winter ahead.

       "Everyone is still going to be losing ￡20 a week. That is a fact, we know that. That is something that Rishi Sunk was adamant was going to happen, and it will leave people worse off."