THERE were very few leaks about Gordon Brown's eighth Budget. There was no sense of anticipation built up by the Treasury spin machine.

By lunchtime yesterday we knew why. There was precious little in the Budget to leak, precious little to spin.

In itself that is a compliment to the Chancellor, and his stewardship of the British economy over the past seven years.

Down the years we have been used to dynamic Budgets, tailored to reflect the economic crisis management that has been the task of successive incumbents of 11 Downing Street.

Whatever diverse opinions there may be about Mr Brown's policies and priorities, everyone agrees there is no economic crisis. Nor has there been one while he has been in office.

That there was no need for gimmicks or surprises yesterday underlines the robust health of the UK economy.

It also underlines the battleground on which the next General Election will be fought.

It is clear that the Labour Party is willing to go the polls on the strength of its record, promising more of the same. Labour is prepared to be called to account on the understanding that the electorate is prepared to sacrifice tax cuts in return for tangible improvements in public services.

Equally, it is clear that the Conservatives believe voters, given the choice, would opt for tax cuts.

At this stage, it appears the electorate will have a clear and fundamental choice to make whenever the General Election is called.

But on the assumption that governments lose elections, rather than oppositions win them, Labour appears to be on course for a third term in office.

Economic mismanagement has proved to be the downfall of each Labour administration in the 20th century. Thus far at least, New Labour has broken with tradition.