And if you're worried, think how Rachel Reeves must feel. Her second Budget threatens to be just as punishing as her first, with up to £35billion of new taxes lined up. That's on top of the £40billion she imposed last year, a fiscal blitz that stalled economic growth, stoked inflation and pushed up unemployment. While she's scrapped plans to raise income tax, which would have broken a Labour manifesto promise, the pain will be just as intense.

Instead, she’ll serve up a whole “smorgasbord” of smaller levies, which could do even more damage sentiment and the fragile economy. Reports suggest she’ll cut the Cash ISA allowance to £12,000, tighten inheritance tax on family firms, and even impose a “mansion tax” on more expensive homes. These will hit pensioners and savers hard.

Even they won'

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