Really quite impressive that they’ve managed to screw up their one overarching objective — do whatever the bond market says — without gaining any extra leeway on either of the other two axes — tax and spending.

"It's clear some tax rises are inevitable but cutting thresholds would drag people already struggling on low wages into paying tax they can't afford, so would need to come with additional measures to ease the cost of living. 3/5

"Any tax rise should be progressive by starting with the wealthiest, not push up inflation and be earmarked for voter priorities like the NHS and the cost of living. Equalising capital gains so profits from investment are taxed at the same rate as wages would be an important first step. 4/5