The politics of the Budget
This Budget will turn early New Labour politics on its head, a leading Brownite tells me.
What he means by that is that unlike Brown Budgets there'll be no more "stealth taxes". The aim will be to put up in lights tax rises on the rich - the clawback of tax relief on pensions, for example - and to challenge the Tories on whether they would prefer to help "the few" rather than "the many".
This may not be a modern version of Lloyd George's People's Budget but it will put a focus on fairness.
Where the stealth will come in is in spending cuts. The chancellor will attempt to draw a distinction between "investing in growth" now and what he dubs "savage cuts" proposed by the Tories. This will conveniently ignore the fact that the spending plans he's already unveiled involve what Labour called "cuts" when they were proposed by Michael Howard at the last election.