Politicians tinker with old people’s taxes at their peril; just ask Theresa May. The trouble is old people vote, more so than the young as the latter discovered to their cost during the EU referendum.

However this is set to change. It has dawned on more far-sighted Conservatives that they are in danger of losing the votes of entire generations under 40 because they simply have nothing to offer them. That age incidentally is when millennials (born between 1981-2000) can expect to catch up with the home ownership levels of Generation X (1965-1980), according to this week’s report from the Resolution Foundation’s intergenerational commission. As for catching up with baby boomers (1946-64), forget it; millennials are half as likely to own their home at age 30 as baby boomers at that age.