A new top rate of income tax at 45 per cent, a temporary cut in value-added tax and government borrowing of £118bn in the next financial year: we knew the eye-catching parts of Alistair Darling’s statement on Monday before he stood up. What was missing ahead of the chancellor’s words was the most important element: where the money is to come from to put the UK public finances back on a credible footing. Even after he sat down this question lacked a full and compelling answer.

Calling the autumn financial statement the pre-Budget report is always something of a misnomer. This year it is spectacularly so. Mr Darling’s announcements are in no sense a ­curtain-raiser for the Budget next spring. Instead, they represent a show-stopping emergency budget that sets out tax plans for years ahead.