It turns out there is not going to be one penny more for schools in Mr Brown's headline grabbing announcement than he'd already announced.

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There are probably two budgets left before the next general election: two one-penny cuts in the basic rate of income tax would allow Mr Brown to go into the election promising a rate of 20p in the pound if Labour is re-elected and dare the Tories to reverse it.

ECONOMIST: Go forth and multiply | The