The Conservatives are trying to win the seriousness stakes. George Osborne’s speech yesterday had two aims: to reinforce the conference message that the party is ready for government, and to show that the Tories realise the urgency of tackling the Budget deficit and have specific measures to remedy it.

The political strategy is clear: to strike a contrast with Labour in Brighton last week by accusing Gordon Brown and Alistair Darling of not taking the deficit seriously and of being evasive. That has put Mr Osborne in the unusual position for an opposition politician of promising more pain than the incumbent Government. The Tories believe that the public is in the mood for such an austere message.

Yesterday’s skilfully delivered and adroit package was only a downpayment, a statement of intent to voters, as well as to financial markets. Measures aimed at saving more than £7 billion a year by the end of the parliament, and £23 billion over a four-year parliament, probably amount only to a third of what is required.

Mr Osborne faces both economic and political tests. Economically, the experts and interest groups were poring over the pledges for their credibility, both in detail and in aggregate in tackling the deficit problem. Politically, the question is whether voters buy the overall message of “we are all in this together”. There is pain for top earners in the public sector, especially on pensions, and the low paid are exempt from the public sector pay freeze.

Labour strategists seized on the renewed pledge to raise the inheritance tax threshold to £1 million within the lifetime of the next parliament, which they see as showing that the Tories have not really changed and are for the better-off.

Labour still has some cards to play and the Pre-Budget Report next month gives Mr Darling the chance to reclaim the mantle of fiscal responsibility. But yesterday Mr Osborne moved a big step nearer towards looking like the next Chancellor.

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