Are the Tories about to ditch one of their biggest policy achievements?

We already know much of what will be in Rishi Sunak’s Budget next week. Another £30bn for Covid-relief measures: furlough scheme into the summer, stamp duty holiday and the uplift in universal credit (which is also expected to be time-limited, despite pressure from the opposition to make a permanent adjustment).

But this year’s spending splurges are becoming a footnote in a Budget dominated by the prospect of tax rises, for which the Chancellor is already receiving backlash from the left and right. Rumours of a corporation tax hike, circling for a week now, have not been denied. There’s also talk of capital gains tax coming under the Treasury’s spotlight, with some saying that Sunak aims to align it with income tax.

If this happens, the Tories would be overhauling one of their biggest economic successes. The fall of the corporation tax rate over the past decade is a success story for those who argue that lower taxes can mean higher revenue.