‘Yes. But that’s not all.’ She points out that most pension schemes are in surplus, sometimes to a huge extent. In other words, the value of the income they expect to receive from the investments they own is significantly more than what they’re committed to paying out as pensions in future. ‘So abolishing tax credits is almost the perfect tax rise because it brings in a colossal sum of money while seemingly hurting no one.’

I am not convinced. ‘What do you mean pension funds have a stonking surplus? Surely not all of them. What about the Maxwell schemes, for example?’ Robert Maxwell was a media baron whose pension funds had collapsed about five years ago, causing untold harm to thousands of pensioners who worked for his newspapers and print works.

‘First of all, Maxwell was a crook. His pension schemes collapsed because he plundered their assets to prop up his failing businesses. But of course, you’re right: the Treasury’s not saying there are no pension schemes in deficit, just that on average most schemes have a big surplus. And they won’t miss all those billions of tax refunds.’

I slurp the bitter instant coffee, now lukewarm. I am confused by why Kendall backed off doing this. ‘I’ve just been talking with our esteemed colleagues about how desperate the Tories are for money. This seems perfect for them.’

‘Totally right. This would have financed a five billion pound cut in the basic rate of income tax – a massive electoral bribe.’

‘So why not do it?’

‘I don’t know. All I can think is that maybe Ramsey was worried he would alienate the votes of pensioners and older people. Taking money out of their savings just before an election might not be a good look – and remember, the Tories are more dependent than Labour on the support of older people.’

‘Maybe. Though if my sister was right that there’d be no actual harm to pensioners, it would be a risk worth taking.’

Jess narrows her eyes and points two fingers at me, like a pistol. ‘Totally right.’

A thought gnaws at me, something Lorimer my editor told me when appointing me political editor. ‘There’s no such thing as a tax that hurts no one. The money always comes from someone.’

*

The coffee has gone cold. ‘If the Chancellor has killed Clare’s scheme, that in itself would be a decent story, wouldn’t it?’

She nods. ‘A big story. Government backtracks on pensions raid. But we have to stand it up.’

For a moment, I have a pang of conscience. Is this what Clare would have wanted? Am I just using her to write another ego-boosting scoop?