But is that the stench of burning rubber from the spinning wheels of the new coalition government as they launch from the start line, or from a day one u turn that would give Mrs Thatcher whiplash?

In case you’re wondering what I’m on about this time, I am referring to the change of position on tax policy that we are now presented with, compared to the original manifesto pledges of the two members of our new coalition Government.

If the stories that are reaching the news wires today convert into statute, we have the following changes:

• No reversal of the employee National Insurance rise as pledged by the Conservatives  (although the commitment will still be honoured for businesses)
• No increase in the nil rate band of IHT
• No Lib Dem mansion Tax
• A rise in the rate of Capital Gains tax from 18% to 40%

In addition and to support the above, any pledges to attempt to control public borrowing through efficiency savings only have been dropped, paving the way for future tax rises of which VAT seems a very likely contender.

So while I may not have been able to predict the outcome of the election, at least I got one thing right and that was regardless of the outcome I wasn’t going to be any better off for it.

Oh well – at least we’re all in it together!