An echo of Margaret Thatcher

There will be £45bn in tax cuts by 2027 but much of that - national insurance cuts, the abolition of the cap on bonuses and the highest rate of income tax - is explicitly and unapologetically channelled towards higher earners in an echo of the Thatcher years.

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How much exactly the better-off will gain is not clear yet.

Liz Truss has boldly declared it is fair to cut taxes in this way because it will ultimately benefit the whole of society.

The Treasury has been coy, shying away from publishing its usual set of charts showing how different earners will be affected. But we know, for example, the richest 10% of society will gain 60 times as much from the National Insurance cuts as the poorest 10%.

It"s a marked difference from the policy of recent years in which the government focussed more on redistributing income.

And past experience suggests those further down the income scale may not benefit; the outcome could be greater inequality.