As you can probably imagine, plenty of Labour folk are getting excited about the PBR today. They regard it as a chance for their party to harden their rise in the polls, and hasten the Tories' descent. But Danny Finkelstein strikes a necessary note of calm
over at Comment Central. As he puts it, a Budget in which the government has to 'fess up to the horrible state of the public finances is hardly going to do much good for them.
To Danny's analysis I'd add one supporting fact: that rarely, if ever, in recent times, has the government received a significant poll bounce on the back of a Budget. I blogged about this back in April, and Anthony Wells followed it up with an excellent post here. Of course, there's always room for exceptions to the rule, but it's certainly not looking hopeful for Brown today.