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Plans laid out by UK chancellor Gordon Brown in Wednesday’s budget will pan out so long as the strong growth of the UK economy is sustained, writes Lex.

While the speech had a Conservative tinge with the reduction in headline rates of corporation and income tax, of course these measures need paying for. Brown believes this will be achieved by putting up taxes elsewhere - such as that on smaller companies - the discovery of £10bn of new assets for one-off sale and a £10bn increase in the government’s borrowing requirements up to 2010/11.

Back in 1997, Brown said his goal was to improve the UK’s poor productivity performance, reduce welfare dependency and establish economic stability. His record will state that the first two leave a lot to be desired, while the latter was achieved, mainly by granting independence to the Bank of England.