Preparing for budget day

The snow I can see from the train today seems appropriate for the cold reception the chancellor will receive for his budget tomorrow.

These are hard times, we are often told, and savings must be made, all part of his austerity project, a drive to reduce debt and defecit to keep the markets happy.

Of course he's having a hard time of it. With a lack of imagination and little understanding of global macroeconomics he's applying similar policies to Geoffrey Howe in the early eighties. Howe got away with it because of wider favourable conditions.

It doesn't look as if Osbourne will.