Last week, the Chancellor of the Exchequer set out his Autumn Statement – the plan for the rest of the financial year. Ahead of the Statement, expectation was high as everyone waited to see what kind of rabbit would be pulled out of the hat.

Yet despite the Chancellor’s upbeat delivery, the performance was less magic and more trickery. Almost all the Government’s financial headroom – the amount they have left over from that which they had already committed to spend – was blown on a small tweak to National Insurance contributions.

The Chancellor lauded these changes, suggesting that they would save people hundreds of pounds a year. But what he failed to mention was that even with these changes, the average person will be paying roughly £400 extra a year in tax. This is because he continued a freeze on tax thresholds - the level at which you start paying tax.

Higher inflation means that many more people will get dragged into paying more tax, whether at the higher or the basic rate. This is giving with one hand while taking substantially more with the other. In government, the Liberal Democrats delivered tax cuts for millions by doubling the amount you could earn before you started paying tax.

By contrast, this Conservative government is one of the highest taxing governments in history, allowing increasing numbers of low and middle income earners to get dragged into paying increasing taxes. In spite of the highest tax burden since the 1950s, living standards are set to fall to the lowest level on record. Increasingly, people are struggling to make ends meet.

This isn’t sustainable, and we need to see more efficient spending of public money – with investment now to save later. There were some welcome measures announced at the Statement, and I was pleased to see the extension of the business rate discount for retail, hospitality and leisure businesses.

The decision to keep the Triple Lock on pensions was also welcome. This ensures that pensions will rise to match earnings, offering pensioners peace of mind and financial security. This is another Liberal Democrat invention and I pressed the Chancellor to preserve it in full in Parliament just one week before the Statement.

The rest of the Autumn Statement was notable for what the Chancellor did not say. There was no additional money for the NHS or social care, despite the fact the winter cold is already starting to set in. This is a disastrous oversight which risks inflicting enormous challenges on our dedicated health professionals and our communities in the year ahead.

Overall, this statement sums up this current Conservative Government. Out of touch and floundering for a life preserver as their party-ship continues to sink.