Reaction to a Budget can usually be broken down into three phases: the trailers, the speech and, finally, the fine print. As ever, it is the fine print that needs most careful attention so I’ll come back to that at the end.

As the chancellor himself acknowledged yesterday, what leaked out ahead of the Budget was pretty accurate and did not really leave him with many rabbits to pull out of the hat. Extension of small business rate relief: check. Another cash injection for adult social care: check. Money for potholes: check.