Somewhere far from Whitehall, a Conservative Home reader is putting together the year-end accounts for their small business.

It might be a firm of electricians, a bakery, or a small, specialised manufacturer. A recent start-up or a family business which has operated in its community for generations. Either way, a result of risk-taking and long, very possibly unpaid, hours.

Staring at those accounts and budget for the year ahead, after Labour’s budget our reader finds that they no longer add up.