The UK economy may end up growing a bit faster by the end of this decade than the Office for Budget Responsibility expects – but if it does that will be no thanks to Rachel Reeves’s Budget.

The OBR’s projections are unambitious. This is their summary: ‘Having stagnated last year, the economy is expected to grow by just over 1 per cent this year, rising to 2 per cent in 2025, before falling to around 1½ per cent, slightly below its estimated potential growth rate of 1⅔ per cent, over the remainder of the forecast.