Britain’s borrowing is down but it won’t affect what is shaping up to be a ‘do nothing’ Budget

Analysis: Building a war chest to cope with a no deal Brexit must, says James Moore, be the Chancellor’s priority

Chancellor Philip Hammond will unveil his 2018 Budget a week on Monday (PA)

Some welcome news for a Chancellor whose party seems intent on tipping the economy he runs off an economic cliff: his current account is looking rather better than economists had expected.

The September gap between what he spent and the revenues he took in stood at £4.1bn, compared with £4.8bn last year and the City’s forecast of £4.5bn. The shortfall between April and September stood at £19.9bn, its lowest for 16 years.

There are those who will suggest that this gives him a little extra wriggle room ahead of his forthcoming budget, due a week on Monday.