The old adage about being beware of strangers bringing you gifts is particularly pertinent in the week before the Budget. The extensive coverage about 'extra cash' to housing is a case in point.

The government is engaged in a delicate balancing act in which on the one hand it needs to show the markets it is cutting the deficit while on the other showing voters it feels their pain and is pumping money into the stagnant economy. The knack therefore is to recycle the same money through the system, each time pretending it is 'new.' This smoke and mirrors operation is by no means unique to the coalition.