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Chancellor Alistair Darling's first, or Gordon Brown's eleventh (depending on how one looks at it) Pre Budget Report also made its earliest bow since it was first instituted back in 1997. It lasted a paltry 33 minutes.
The backdrop to this year's report made for more political theatre than usual, given Gordon Brown's late decision not to call a General Election. Brown by nature is a cautious man, but with megalomaniacal tendencies. And so, with two weekend opinion polls showing the Tories leading in key marginal seats - and of course having had to wait 13 years to move into the 'top job' - Brown's decision not to go to the country was a bit of a 'no-brainer' really.
With election fever out of the way, Darling Gordon theoretically had the luxury of not having to worry about pulling too many rabbits out of the hat for the masses. However, raising the Inheritance Tax threshold (from £300K to 600K for married couples and those in civil partnerships) was simply too tempting - even if it happened to have been a Tory idea wheeled out only last week. True, Darling didn't go as far as the Tories (who wanted to raise the threshold to £1 million); but after factoring in his proposal to review the status of non-doms - people who register abroad for tax purposes - and imposing a tax on aircraft, rather than air travellers, from 2009 - also Tory ideas - Shadow Chancellor, George Osborne, could be forgiven for asking whether it was worth Darling showing up at all.
UK plc meanwhile remains in (relatively) rude health - Darling forecasting economic growth to remain on track to hit 3% this year - in-line with Brown's Budget forecast of 2¾ - 3¼%.
The word 'relatively' means just that however as tougher times lie ahead - growth for 2008 being scaled back from 2½ - 3% to 2- 2½%. Forecast growth for 2009 is unchanged at 2½ - 3%.
10 October 2007 © Moneyextra.com
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