Rishi Sunak is a prime minister in waiting

It is always a pleasure to see a first-rate mind in action, as we did during today’s Budget. Equally, when a Chancellor gives such an assured performance, especially if his Prime Minister is, shall we say, controversial, it makes people think.

The bubble reputation is a fickle business, especially when Tory MPs are the umpires. In recent weeks, Rishi Sunak’s share price wobbled. Bears came into the market. Was this youngster as good as people had been saying? 

There were grumblings on the backbenches – admittedly not an unusual sound in the modern Tory party – about the prospect of tax increases. By the time the Chancellor sat down, the bears were in trouble. Any recent losses had been overtaken by gains. 

We can only hope that the British economy shows the same ability to put a spring in its step. But Sunak, the man whom hardly anyone had heard of at the beginning of 2020, had re-established himself as the prime minister in waiting (under Boris, and however long he lasts, it will always be useful to have someone in that role).