The government’s announcement of a new top income tax rate of 50 per cent for those earning more than £150,000 was followed by reports that some people, including well-known entrepreneurs, were planning to leave the UK.

I was angrier about the latter than the tax itself. The idea of a 50 per cent top rate is clearly flawed, so it will not last long. The chancellor has already hinted that it might be dispensed with once things pick up a bit.