As he wound up his speech on Wednesday with a masterfully timed cut in the basic rate of income tax, Gordon Brown sought to leave an impression of unabashed largesse. But the avowed neutrality of the measures told a different story. Here was a chancellor holding out the prospect of a juicy dish of tax cuts – only to snatch it away as soon as the voters reached for the knife and fork.

In subsequent private briefings to a financially savvy audience, Mr Brown made a virtue of his reforming Budget. It would secure his legacy as a tax simplifier, trumping even that of Nigel Lawson, chancellor from 1983 to 1989.