It’s a fair guess that Rachel Reeves didn’t want to be in this position little more than six months on from Labour’s election victory. On top of overall economic output barely treading water since her arrival as chancellor, business activity in the construction sector slipped into decline last month for the first time since the start of 2024, according to the latest data from purchasing managers.

Indicators of business confidence have plummeted in the wake of Reeves’ autumn Budget, which hiked employer national insurance contributions by £20bn, leading to firms pausing hiring plans, and putting expansions on hold.

Meanwhile, just as the government is talking up its plans to ramp up housebuilding, the big volume players have continued to report results largely (with some exceptions) demonstrating just how quickly they have shrunk over the past year.