For the past six years as chancellor, Gordon Brown was forced to borrow more than he had projected after his forecasts proved over-optimistic. Mr Brown has moved next door to Number 10 but it looks as if his successor, Alistair Darling, will be continuing the tradition when he stands up to present his first pre-Budget report on Tuesday.

Mr Darling will cut Mr Brown’s 2.5 to 3 per cent growth projection for next year as the instability caused by the credit squeeze this summer takes its toll.