But this agenda for older people also means we have to talk about tax. The basic rate of income tax was 25 per cent a generation ago; now it’s 20 per cent. For most of Mrs Thatcher’s time in office, higher earners were paying 60 per cent; now even the super-rich only face a 45 per cent rate. After 18 years of Thatcher and Major’s Conservative governments corporation tax was 33 per cent. If George Osborne has his way it will be just 18 per cent by 2020.