exchequer

Speaking about this subject, Braverman, who was home secretary under Rishi Sunak between 2022 and 2023, told us: “The broader objection that I would get from the prime minister and from the chancellor of the exchequer and other ministers, was that if we were going to cut immigration, then we would be actually cutting revenue”.

The Conservatives may have managed the first three female prime ministers, with Labour’s record currently zero, but the first Budget from a female Chancellor of the Exchequer is a genuine moment of history.

By mandating that the spending gaps will be filled by significant tax rises, the strategy here is to communicate overwhelming political pain tolerance to markets that lend money to the exchequer.

Between them, these perks cost the exchequer about £50bn a year.

An important thing to note is that a £20bn tax rise will be significant for the exchequer, but it’s by no means enormous in historic terms.