Well, the most important story for an economic analyst is that not what exactly happened, but that the Office For Budget Responsibility, the independent body that is supposed to forecast what's going on in the economy has admitted what has been obvious for a very long time, which is that productivity growth is not picking up. It remains very, very low.
So they've had to downgrade their future, downgrade their future expectations of productivity growth. And the result, very briefly, is that they've lowered potential growth of the economy by half a percentage point every year. So we think that cumulatively that means quite simply, in their estimation we're going to be much poorer in future than they thought even a year ago. That means less fiscal revenue. And of course, that means the longer term prospects for any future chancellor and this one are going to be rather grim.