This wasn’t a radical Budget, not by Nigel Lawson standards or George Osborne standards or indeed, Rachel Reeves standards.

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Quite right too. The most significant sentence spoken by John Healey this afternoon was when he said that although analysts liked to talk of economic headwinds, in truth we were facing a global economic storm.

If you’re sailing through a storm, the first thing is to avoid capsizing. You’re going to hear, I’m sure, a lot of commentary saying that the chancellor should have been bolder. Indeed, I’m afraid I may have nodded along to it myself in the past. But what does that really mean?

For the left, it means raising taxes on wealth and business. So what if they push the fiscal rules in........

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