It is always tricky to write this column in Budget week, since my deadline arrives before the Chancellor has made his statement, one of the biggest occasions of the parliamentary calendar.

The Chancellor had a delicate balancing act to perform, as he restores confidence in Conservative stewardship of the public finances, during challenging economic conditions and while war rages in Ukraine.

He played a strong hand last weekend, helping bring about a solution to the collapse of Silicon Valley Bank, under which HSBC stepped in to protect deposits, with no risk to taxpayers.

It was clear in the days before the Budget that a priority is to boost business’ capacity to drive growth across the economy. So incentives for investment in business to stimulate growth, is being combined with help for people at both ends of the spectrum get back to work, both by improving childcare provision and by reducing pension barriers which encourage those eligible to retire early.

There was also welcome news of support for public swimming pools and significant investment to capitalise on the UK's potential to be a leader in Carbon Capture and Storage.

A glimpse of what the Budget means for Defence came from the PM's visit to meet President Biden in California with PM Albanese of Australia to cement this important new defence relationship.

The AUKUS deal and the £5b Budget boost to Defence over the next two years is very positive for the UK's nuclear industry, as well as providing funds to replenish conventional munitions stockpiles.

The refreshed Integrated Review set out on Monday the latest strategic threat analysis across Government following Putin's war in Ukraine. It makes sober reading but introduces a dose of current reality that the post-Cold War peace dividend has been well and truly exhausted. Defence spending must rise to cope with the strategic threats which this review has made clear are coming closer in time and space.

This updated strategic plan sees our country maintain our commitment to NATO, with a new long-term ambition to invest 2.5% of GDP on defence. The review outlines plans to strengthen the UK’s ability to tackle state and non-state threats through improved cyber security measures, a National Protective Security Agency, an Economic Deterrence Initiative and invest £1bn in a new Integrated Security Fund.

Other measures include improving UK resilience in critical industries such as semiconductors, as well as investing in science and technology, particularly in five priority areas: AI, semiconductors, quantum technologies, future telecommunications, and engineering biology.

This Budget confirms once again that this Government will protect us both at home and abroad while pursuing growth across our economy to fund public services.