The Budget bashed business, and also the Labour Party ratings. It mentioned growth more than 300 times and yet the Chancellor then hammered companies, entrepreneurs and generally made it harder to grow a business.

Rachel Reeves has told City chiefs she plans to create pension “megafunds” that will “power growth” in the economy and reward British savers. In her first Mansion House speech as Chancellor, Ms Reeves announced plans for the megafunds which she said could bring in £80 billion to invest in businesses and infrastructure.

In Rachel Reeves’s Mansion House speech, she has unveiled her plans to consolidate the 86 funds of the Local Government Pension Scheme (LGPS) into a small number of “mega-funds”. There has already been some consolidation under previous administrations,