Rachel Reeves's lone mention of London in the Budget was telling

The capital has powered the country for years― its reward? To be ignored

- Honathan Prynn

This was a Budget written in London, delivered in London, but almost totally ignored the region that drives the British economy. Rachel Reeves made only one mention of London - about par by recent standards - in her 77-minute speech, compared with five references to Manchester and Scotland, three to Wales and a brace for Leeds. The one time London did get a nod was when she confirmed the heavily trailed decision to find the money to pay for the Sunak-savaged stump of HS2 to at least connect through to Euston.

It may be a crude measure of the Treasury's priorities, but telling nonetheless. When Sir Keir Starmer talks about "those with the broadest shoulders bearing the heaviest burdens", he is essentially talking about London and Londoners. Latest official figures show that the Government raised £216.4 billion in tax from London households and businesses last year, an average of £24,600 per person. That compares with just £12,800 in the North-West.

Yesterday's package of announcements suggests that the burden on the capital will only go one way - with small and mediumsized businesses particularly badly affected.

Most of the Chancellor's £40 billion of fiscal heavy lifting will be done by employers, who will have to shoulder the surprisingly swingeing increase in their National Insurance rates to 15 per cent, kicking in from a threshold of £5,000, rather than £9,100. That represents a £615 hike in business costs per employee per year and comes hard on the heels of the 6.7 per cent rise in the minimum wage to £12.21 an hour.