You can call it a u-turn, climb-down or chaos. 

What seems clear is the Chancellor has egg on his face after cancelling proposals made in the Budget to increase National Insurance contributions for the self-employed.

The NICs rise would have resulted in higher payments for 2.5 million people. 

It was seen as breaking Tory manifesto promises on tax rises and was firmly opposed by back benchers, opposition parties and the tabloid press.

We must now wait until the Autumn Budget to find out how Hammond plans to balance the books.

It seems likely that more harmonisation of taxes for the employed, self-employed and businesses owners will still follow. 

With £2bn announced in the Budget last week to help with adult social care funding, it seems clear some form of tax rises or additional government borrowing will be required.