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The chancellor, Sajid Javid, has dropped the strongest hint yet that he may be about to scrap inheritance tax.

At a fringe event – and on the eve of Boris Johnson’s first conference speech as prime minister – he was asked by a party member if he would consider getting rid of the “most painful tax” to affect the public.

Javid hinted there could be significant reform on the horizon, and he also confirmed a budget would be held this year. He said: