As was predicted a mile off, Labour has begun using the Tories’ own budget to undermine the low-tax USP of the Tories. Shadow Treasury Minister Pat McFadden has, perceptively, laid into the government, pointing out the Tories will no longer be able to credibly claim “tax cuts always magically lead to more revenues”. They can’t even bring out their loved “tax bombshell” posters at the next election…

Despite saying after the budget that now was not the right time for tax rises, Annelise Dodds is gloating about Rishi’s  corporation tax rise; “We welcome the Chancellor’s conversion to our point of view, but we can never get back the £95 billion lost to the Treasury over the last few years from this economically illiterate tax cut.”

Guido predicted in his podcast prior to the election that, economic arguments aside, the political consequences from a budget corporation tax rise would resonate for elections to come and would undermine the argument that lower taxes can bring in higher revenue.

Even George Osborne is being reluctantly critical:

“You are sending a message around the world that Britain is not a very enterprising place to do business”

Labour’s enjoying the ideological surrender that Rishi’s rejection of conservative principles embodies, McFadden was proclaiming the death of low tax Conservative principles last night “Thatchernomics and Osbornenomics, buried in full public view by Rishinomics. No more Laffer curves…”. We did try and warn Rishi…