Curtain up on the Pre Budget Panto

Wednesday's Pre-Budget Report is already being over-hyped as some kind of radical, blockbusting curtain-raiser to the way the Government will run our economy in the years ahead.
According to the none-too-subtle leaks, Chancellor Alistair Darling will bring those bankers to heel, prudently scale back government but still invest for the future etc., etc.
Pardon me while I choke on my Cornflakes.
For one thing, the biggest influence on Government largesse is not so much the Budget as the Comprehensive Spending Review, a root-and-branch analysis of how much dosh Government departments will have to play with.
These are usually carried out every couple of years or so. But the next one has been cunningly postponed until after next year's General Election. So beyond a bit of short-term tinkering, all departments will be in a holding patern.
Secondly, pre-election Budgets are all about winning votes. So the report which trails it will be part of a carefully choreographed build up to the big vote.
In other words, it isn't so much about economics as politics. Politics says you don't deliver bad news before elections, so Labour will find a way of pulling a rabbit out of the hat at the Budget and delay any big tax increases or spending cuts until late next year.
The Tories will be no different - they've already hinted at a possible 'emergency budget' if they win (which is a dramatic way of saying they'll do what all new governments do - look through the accounts as soon as they walk through the door).
Key ministers will already know what Wednesday's statement is likely to say and they'll be scurrying in the direction of the nearest microphone on Wednesday afternoon portraying the PBR as a key part of a careful strategy.
Which is true, so long as you realise they're talking about politics, not economics.
The economics, which may be quite painful, will come after the election.
So never mind Wednesday's Pre-Budget Report - the one that follows next year is guaranteed to be an absolute stinker