The chancellor had a choice of what to do with the extra tax income arising from high inflation which is forecast to be £50bn. He decided to bank it for tax cuts rather than help the public sector or hard-pressed individuals. This year is going to be incredibly tough, and I think he will regret his choice.

I do not think any of us have a real understanding of the impact of the cost of living crises. In many respects why would we, as none of us would have experienced of anything like it.