In the run-up to the EU referendum, Brexiteers were reassuring when City folk raised concerns about potential barriers to European markets. Don’t worry, said the Brexit supporters. If access is restricted by a hard Brexit, the government can compensate City companies with tax breaks.

Well, here we are, with Boris Johnson now seemingly set on the hardest of Brexits. So what is the prime minister offering the City as compensation? What tax breaks are the Conservatives promising that will soften the blow? Er… nothing. In fact, less than nothing. Far from offering new tax cuts the Conservatives are actually reneging on a previous promise to cut corporation tax from 19% to 17%.