Two big questions will be raised when Alistair Darling announces a fiscal stimulus on Monday, accompanied by a warning to voters that they will face a period of austerity to pay for it. Will the value added tax cut limit the recession? And will public spending restraint be enough to restore prudence to the public finances ?

The likely raw numbers – a £15bn ($22bn) tax cut and a peak borrowing level of £120bn – appear to offer the nation the prospect of pain in return for some short-term gain.