Last week’s grim Budget had a useful function. It showed in stark terms what Britain’s future will be if we do not grasp the nettle of the public finances, and grasp it firmly: a never-ending cycle of soaring debt, rising taxes, weakening competitiveness, falling growth and lower tax revenue.

The choice we face is not between Labour growth in public services and Tory “cuts”. It is between taking a grip of the public finances and watching our people’s economic prospects, and our ability to afford decent public services, slowly dribble away.