Trying to raise tens of billions of pounds in revenue without touching the three taxes that account for the lion’s share of the total tax haul is like trying to build a bookcase without any nails, screws or glue. You could try it, but you’ll soon regret the attempt. As things stand, Rachel Reeves is supporting a shoddily knocked-together bookcase while insisting that nails, screws and glue aren’t necessary.

In case this extended metaphor has left you cold, let’s recap.

The Labour party manifesto promised not to increase income tax, VAT or employee national insurance. Employer’s national insurance was targeted at last........

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