Gordon Brown’s pre-Budget speech did not lack breadth. From China’s manufacture of Christmas toys to his admiration for British squaddies in Afghanistan, the chancellor sought to show that he is more than a numbers man. Yet the truth is that the figures have slipped somewhat, while the long-term question marks over borrowing levels remain.

Compared with March’s budget, receipts forecasts were unchanged, despite £2bn per annum of new tax raising initiatives, suggesting underlying expectations have fallen. Expenditure forecasts have risen slightly. So, despite some trimming of capital expenditure, cumulative net public borrowing from 2006/07 to 2009/10 of £121bn was £6bn worse.