Jeremy Hunt has just announced the most austere fiscal statement since 2010. The Chancellor’s plan to plug the £55 billion black hole in public finances will be achieved with £25 billion in tax hikes and £30 billion worth of spending cuts by 2027-8, taking the tax burden to a post-war high.

The economic forecast from the Office for Budget Responsibility suggests the UK is already in a recession, echoing the Bank of England’s predictions for a shallow yet long downturn.