The irony is beyond parody. To appease her critics Liz Truss has sacked her low-tax minded Chancellor Kwasi Kwarteng and replaced him with Jeremy Hunt who once believed in cutting taxes even deeper than either of them.

In his bid to be Tory leader in this year’s leadership election Britain’s new chancellor – and the fourth this year – was the most radical of the tax-cutters among the challengers.

Explaining his pitch to be PM to replace Boris Johnson, to whom he was runner-up in the leadership election before this one, Jeremy Hunt told a BBC interviewer: “I want to cut all taxes. The way we do that is to get the economy growing, get businesses making more profits, paying more tax.”