One of the more stupid ideas – and there are many of them – floating around Conservative circles is the proposal to put up corporation tax to help plug the black hole in the public coffers.

According to weekend reports, Rishi Sunak and his Treasury team are considering undoing the corporation tax cuts made under George Osborne. Remember him? Osborne slashed rates from 28 per cent to 19 per cent and had planned a further cut to 17 per cent which has already been abandoned by the government.

If these reports are correct, then the Chancellor needs to lie down with a hot towel on his brow. It’s a daft idea on so many levels, and a foolish strategy at such a fragile moment.