Osborne relies on pure hope

As a result, the speech itself was dour, dry and depressing. And as measure after measure unravelled in the ensuing weeks, the consequent “omnishambles” delivered a crushing blow to the Government’s reputation for competence.

This time, with the Conservative Party already in a state of civil war over David Cameron’s leadership, the Chancellor simply cannot afford another poor performance.

Hence, the naturally cautious Mr Osborne seems intent on nothing more exciting than a display of quiet competence when he stands up in the Commons on Wednesday.

Many will regard this as a lost opportunity, considering that the economy continues to flatline, the banks still refuse to lend to small businesses and the rising cost of fuel and energy continues to hit household budgets hard.

If the Chancellor is to take radical action to boost economic growth before the 2015 General Election, this Budget is his last chance to do so. A vigorous cut in corporation tax, for example – of the type that has proved crucial to Ireland’s economic recovery – would have an immediate effect on business activity.

But bold tax cuts are clearly not Mr Osborne’s way. Having already lost Britain’s cherished triple-A credit rating, the Chancellor does not want to make any dramatic move that might startle the markets.

Instead, his strategy seems to be one of relying on the Bank of England’s quantitative-easing programme while waiting for his reforms to bear fruit and then going to the country with the message that he needs more time to finish the job.

This is why the best he could offer voters yesterday was a promise that policies already announced – the new single-tier pension and the cap on social-care costs – would be brought forward by a year. Even so, it will be 2016 before they come into force, hardly a display of urgency.

But this is Mr Osborne all over, cautious, pragmatic and looking to the long term. The consolation is that this approach should see a boost in infrastructure spending, more funding to stimulate regional growth and backing for Lord Heseltine’s call for new local spending powers. Indeed, the Treasury’s response to the latter should become clear today.

These are all welcome moves, long called for by this newspaper, but none will provide the instant boost to growth that the economy – and the Government – needs. The surprise is that Mr Osborne is optimistic enough not to appear worried by this.