The new Chancellor is set to make good on the commitment Boris made to Tory MPs in private last night, when he told them “‘I know you’re all avidly in favour of tax cuts and tonight’s events might make that a bit easier to deliver.” So what could be on the low tax, high growth agenda for Nadhim Zahawi?

• Zahawi told Times Radio this morning that he could roll back the corporation tax rise planned for next April. “When boards invest, companies invest, they invest for the long term and they do compare corporation tax rates… So I will look at everything.”
• The Treasury’s five-year freeze to personal allowances and other tax rises, including increases in corporation and dividend taxes, have taken the tax burden to its highest in 70 years. Unfreezing thresholds would take some 2 million people out of the higher rate tax bands that inflation has dragged them into. The aspirational type of voters who swing elections…
• An immediate, even temporary VAT cut, would be an immediate help for families with the cost of living crisis. Gordon Brown did it, Zahawi could too…
• Bring forward the income tax cut scheduled for 2024. Front load the help with the cost of living crisis. Why delay?

Commodities from metals to oil as well as agricultural staples are falling back in price on world markets. Inflation looks like it could abate. The idea that tax cuts will be inflationary is questionable in these circumstances.