Depressing news for fans of economic growth as Hunt claimed it’s “virtually impossible” to make any tax cuts until the economy improves on LBC’s Tonight with Andrew Marr. This is despite lower inflation and a stop to interest rate hikes. Who’s surprised?

Guido thinks its worth reminding the Chancellor and Number 10 what they said about tax when they were making “all the right noises.” 

• Hunt graciously admitted that the “tax burden is too high. We would like to bring it down through growth.” In the meantime, Britain has the third highest integrated tax rate on corporate income in Europe. Singapore-on-Thames?
• The Chancellor said he was desperate to “unlock investment in the North Sea“ as his continuing windfall tax has led nine out of ten capital projects to be put on hold.
• Sunak told business leaders: “I’ve got your back“. At the same time as taxing them so highly they left to the United States…
• Rishi said he was “ready to listen” to calls to scrap the tourist tax, which he instituted and forfeits £3 billion of consumer spending annually. No movement there…

There used to be a time when Chancellors had the stomach to prioritise investment and growth despite loud calls from quangos, charities, and commentators to hike taxes ever-higher. Distant memories…