I have to say I was disappointed. The new forecasts for the public finances presented by Philip Hammond in his spring statement were not as good as had been hoped. The Office for Budget Responsibility (OBR) only revised the budget deficit for this year down to £45.2 billion, 2.2 per cent of gross domestic product, rather than the £40 billion and 2 per cent of GDP hoped for.

The growth numbers were the dampest of damp squibs. Instead of tearing up its forecasts, the OBR nudged up this year from 1.4 per cent to 1.5 per cent and left in place the weakest growth picture since Clement Attlee was prime minister and the NHS was a newborn baby.

How weak is it? The Office for