Mervyn King, the governor of the Bank of England, likes to argue that the better monetary policy works, the more boringly predictable it becomes. Gordon Brown's achievement is to have done much the same to economic policy as a whole. If the pre-Budget report did not excite, did it at least achieve its aim: to stake Labour's claim to another term in office and the chancellor's to Labour's leadership? My answer is a qualified yes.

Mr Brown put on a characteristic performance: sweeping in its ambition and numbing in detail. Contemptuous, as always, of his critics, he revelled in pointing out that he had been correct, once again, on economic growth. Moreover, as he was also able to note, the stability of the economy has been extraordinary by historical standards.