So less than a week (by 30 minutes) after a Budget which saw a modest increase in the National Insurance Contributions to be paid by the self employed, the government performs a major 'U' turn.

The impact in terms of credibility will unwind over many months - although not as impactful as would be the case with an effective parliamentary opposition.

And, as referenced in the attached article, is the worrying gap it leaves in the public finances. The £2billion pledged for social care which was to be funded by the increase in NICs - is that now under threat?

And the daft thing is that whilst the Tory manifesto pledge and subsequent legislation provided a triple tax lock, they could so easily have circumvented that quite easily be expanding the scope of those taxes, without having to increase rates.

But there is a big lesson for the Chancellor and the government that should represent more than a bite on the ankle - and that is that only fundamental tax reform that seeks to tax the substance of economic activity or return on investment, rather than the form, or place, of work or business, is necessary to rebuild confidence in the integrity of the tax regime and to help build the vibrant economy the UK needs.