Many of the measures announced by Kwasi Kwarteng today had already been all but confirmed by rumour and leak over the last few weeks. These included the reversal in the national insurance contribution increase introduced by Kwarteng’s predecessor, Rishi Sunak, and the cancellation of the planned 6 per cent increase in corporation tax.

Both announcements will no doubt be welcomed by the north west’s business leaders, particularly the national insurance reduction, which will impact positively on both employers and employees.