RISHI SUNAK

Rishi Sunak became the MP for Richmond, Yorks in 2015. A Brexiteer, he rose through Treasury ranks and became Boris Johnson’s “favourite minister”, after standing in for the PM in a number of general election TV debates. Educated at

Winchester College and Oxford, Mr Sunak also studied in California, where he met his wife Akshata, daughter of an Indian billionaire. Before politics Mr Sunak worked in finance, including Goldman Sachs.

SOCIAL CARE

The social care crisis is causing elderly people to lose their savings and in some cases their homes to pay for lengthy stays in care homes. Mr Johnson has yet to lay out his plans.

Baroness Altmann, a former pensions minister, said answers were needed urgently. She said the Chancellor could help by providing tax incentives to encourage people to save for later-life care. A “care Isa”, for example, could allow people to save tax-free and if unused could be passed on free from inheritance tax.

Baroness Altmann added: “There is no incentive to make provision for social care. If you are approaching your 80s and haven’t yet needed social care the rational thing to do is spend all your money.”

‘My husband’s ashes are buried in the garden – I don’t want to sell the house’

INHERITANCE TAX

The Chancellor should radically simplify IHT, Britain’s most hated levy.

Receipts from the 40pc tax are higher than ever at £5.4bn and are expected to rise to almost £7bn by 2023. Steadily rising property prices have pushed middle-class families into paying a tax supposedly the preserve of society’s wealthiest.