Now is not the time to hike taxes, but Rishi Sunak is still going to talk about it

The chancellor has talked about the need for an ‘honest conversation’ about Britain’s battered public finances. Here’s what may be in his sights

Rishi Sunak is preparing to unveil the most consequential budget in years ( )

Rishi Sunak’s budget promises to be most consequential for years, as much for what he says as what he does.

There’s always a bit of a fuss in the run up to these events, especially when the fiscal backdrop looks dicey, as it does right now, and things like tax rises and austerity have butted their way into the conversation.

The Treasury likes to float scary sounding proposals in advance through judiciously placed leaks – one would be potentially putting corporation tax up from its current level of 19 per cent to as much as 25 per cent – to soften up the public and especially the Tory troops.