Had Brexit gone to plan, Philip Hammond’s Spring Statement next week would have been a dazzling manifesto for a no-deal Brexit. As Chancellor, it’s his job to give the Prime Minister options. She could sign a deal, if the EU made an offer that Parliament was able to accept – but if not, the government’s official policy is to leave without a deal. Mr Hammond could then spell out what that would mean: becoming a low-tax competitor to the EU, for example, specialising in low tariffs and global free trade. And if the EU didn’t like the sound of all that – well, it was free to offer Britain a more attractive alternative.

But Hammond has always regarded Brexit as a disaster – and a no-deal Brexit as the worst outcome of all. He still sees the Cabinet as being a fight between Remainers and Brexiteers and lets this slip now and again: only yesterday, he referred to his opponents in “the Brexit wing of the party.” Rather than make no-deal sound viable, he wishes to make it sound a terrifying act of national self-harm. A few horrifying Treasury “scenarios” would do the job nicely – and the Prime Minister would have no choice but to sign whatever deal the EU offered.