“Before the VAT increase, we’d have gone on around five holidays a year, including several long-haul trips,” he says. “In previous years, we’ve been to the US a few times and stayed in New York and travelled around, visiting the Hamptons, but now it’s mostly Europe and maybe one long-haul trip a year instead.”

Moy estimates they have cut their holiday spend from around £40,000 per year to £20,000.

it’s tough out here