A chancellor's fortune in the hands of the credit markets

Mar 12: Philip Stephens, chief political commentator, says the Budget won't change the political weather, but it is significant because it shows the extent to which chancellor Alistair Darling's fortune is in the hands of the credit markets. He tells Richard Edgar of FT.com that the chancellor is banking on a strong rebound in growth next year to take the government into the next election. But he says there was little in the Budget for middle England and doubts that Darling has done enough to catch up on the government's child poverty reduction targets.