"ON the whole I don't think the Chancellor has done very much, which is extremely good news."

That's the view of John Timpson, boss of the national shoe repairs to key-cutting chain based in Wythenshawe, Manchester, which has a turnover of '54.5m and employs 1,000.

"I don't know if the letter actually got to him, but perhaps he has been listening, and unless there is anything hidden - because with Mr Brown the devil is in the detail - it does seem good news.

"I don't think he has been as prudent as he should be, but I think he has been as prudent as he could be, at the moment."

However, Mr Timpson is concerned that Mr Brown is to present a report on Britain's readiness to join the Euro, by June.

He said he was worried that Mr Blair, "euphoric from the victory in Iraq" might want to "storm into Europe."