The Treasury has never been accused of excessive humility. If Whitehall has always seen itself as a Rolls-Royce among government bureaucracies, the Treasury’s self-image has been that of the classic Silver Cloud. These days, another automotive marque springs more easily to mind – the Trabant.

Like that icon to the economic failures of communist East Germany, the Treasury has run out of road. Now that he has swapped the chancellorship for the premiership, Gordon Brown should do what Tony Blair often considered but never, while Mr Brown was in situ, summoned the courage to implement. The Treasury should be abolished in its present guise and replaced with a modern finance ministry.