From Labour's hike in corporation tax and an additional higher rate £80,000 tax threshold, to Conservatives' tweak to employee national insurance and a corporation tax freeze, a raft of promises to reform business reliefs and reasons for raising more tax revenue, the election manifestos are expensive.

George Bull, senior tax partner at RSM said: ‘There is a fairly wide agreement that the UK Exchequer will need more money after Brexit. The big question is where the money will come from? Broadly, there are two choices: more borrowing or higher taxes.