Britain is a different country today to the one David Cameron and Ed Miliband took into the election four years ago. And, no, I’m not talking about Brexit. To get a measure of how fast times have changed, just look at the spending plans of the biggest parties.

In the 2015 election the Tories proudly pledged £30 billion of cuts “on top of the £120 billion that we have already delivered”. Labour’s manifesto opened by laying out a Budget Responsibility Lock that “guarantees every policy is paid for”. Some called it prudence, others sadism. Either way, the days of fiscal responsibility are over.

Boris Johnson’s Conservatives will borrow up to £20 billion a year to spend on infrastructure and still be able to load £7