In recent years I have come to learn that the devil is often in the detail when it comes to Labour Budgets. Rarely is the detail disclosed in what the Chancellor says on the floor of the House of Commons.

Yesterday was no exception.

By freezing the individual personal allowance (the amount every taxpayer is permitted to earn before they start to pay income tax) every taxpayer is £48 a year worse off and £96 a year worse off for a married couple (or indeed an unmarried couple!)

The size of the deficit is now so great that the Government will have to borrow more this year and next year than the entire receipts from income tax! Astonishing.