Just managing

From the moment she arrived in 10 Downing Street, Theresa May has been commendably clear about her economic priorities for Britain. She wants the country to be a beacon of free trade, at a time when protectionism is on the rise the world over. She is annoyed at the way in which quantitative easing has manipulated asset prices, making property unaffordable. And while David Cameron was very successful in raising the incomes of those at the bottom, she is concerned that those in the middle have not fared as well. She wants a ‘country that works for everyone’ — that is to say, one where effort is always rewarded.

This is, alas, no cliché. Even now, those who move from welfare to work have their support withdrawn so quickly that they can end up keeping just 24p in every extra £1 they earn: an effective tax rate of 76 per cent.