Much of the economic damage has already been done, but in ruling out wealth taxes and further pay deals with doctors, at least the Chancellor is allowing a shimmer of light to peep through, says Paul Ormerod

England’s cricketers narrowly failed to score the 374 runs needed to beat India in the final Test match at the Oval. It would have been a monumental achievement, their second highest ever total chasing a victory in the last innings.

It feels just as much of a challenge to write a positive column with which to start the holidays. But there are at least some straws in the wind.

One of these is that the Chancellor, Rachel Reeves, seems on the point of accepting that the limits to taxation have been reached, unlike many of the infantile Leftists who permeate the Parliamentary Labour Party.

Of course, further tax rises are inevitable in the autumn given Labour’s spending commitments. It seems certain, for example, that income tax thresholds will be frozen for longer. There is much talk about........

© City A.M.