There should be a growth target to complement the inflation target – to drive government departments to take actions that will promote more UK activity and jobs.
Without it, we won’t be able to have better public services, less debt and lower deficits, or a fairer deal for younger people.
When he was Mayor of London, I outlined to Boris Johnson how we have the potential to become the largest economy in western Europe.
Essentially, the Solvency 2 regulations make it difficult for our pensions and insurance firms to invest in long-term, secure, fixed assets in the UK.
There is evidence, however, that suggests that the move to abandoning all recent Tory traditions is not quite so straightforward.
His biggest strength now is that to a mass of people who don’t follow politics he is a Given, A Fact – like Thatcher, Blair or the weather.
The auditorium may be dull but the fringe is not – as questions from our past haunt the future, such as: will the productivity gains come?
Against a post-pandemic background of shortages, prices rises and higher taxes, how much protest will there be over the growing size of the state?
The Chancellor will have have more money to play with than was forecast. How he uses these additional resources will tell us a great deal about his priorities.
Most obviously, this complicates their Net Zero strategy; you would have expected fiscal policy increasingly to have rebalanced towards green taxes.
Delivering our popular and bold programme will require better instrumentation, clearer goals and new ways of working.
This can give the Tories a tremendous advantage in a democracy because the public, as a whole, does not have fixed views either.
There is nothing for productivity growth, ageing, minimum wage hikes, tailoring care to individual needs, or councils’ incentives to build more homes.
The cat of Tory tax rises has fewer than nine lives. Especially if these breach manifesto pledges and are generationally unfair.
If the Treasury gets its way, the Chancellor will score a big victory. But Ministers should watch for Labour stealing their thunder over taper rates.