There was little right about the UK Budget last Wednesday, but much that was wrong.

Chancellor of the Exchequer, Alistair Darling’s Budget speech supposed the economy would power back to higher than trend growth within a year or two, following an underestimated slump of -3.5pc this year. GDP will apparently oblige by growing at a boomtime rate of 3.5pc in 2011 and then ease back to trend at 2.75pc.

The IMF was quick to stamp all over the Budget predictions of growth, while most commentators rubbished the entire exercise as electioneering and “queering” the Tories pitch.

Public borrowing for this year and next is set to rise to £175 billion and £173bn — the highest in history and more than all years added together since 1694.

The Prime Minister and Chancellor clearly don’t believe they will be around to pick up the mess when all this fiction hits the fan.

There was almost a demob-happy mood in the PM’s demeanour as he laughed and chatterered through proceedings.

It does not bode well.