Alistair Darling's PBR. Or: 'Pathetic Beyond Reason''

When I heard Alistair Darling deliver his pre-Budget Report last week I recalled the less-than-subtle catchphrase of 'Cockney Gran', the foul-mouthed character portrayed by TV comedienne Catherine Tate: "What a load of ol' shit!"

Never mind the issue of UK public debt, surely the trials and tribulations of the pub sector have been publicised well enough to have come to the Chancellor's attention?

Surely he was aware what was at stake when he saw fit to cover the cost of his 'economy rejuvenating' - but only temporary - VAT cut with a further rise in duty on alcohol? It will like as not condemn thousands of UK pubs to an uncertain future, with many becoming a permanent casualty of his latest fiscal folly.

OK, no government, not even a Tory one, would sit back and do nothing to try and revive the economy. Some form of financial stimulus was certainly required.

But I find myself in relatively virgin territory in wondering whether this administration has taken collective leave of its senses. Does Darling really think that taking pennies off the price of a kettle or a few quid off a flatscreen telly is going to get the wheels of the UK economy whirring again? He's bonkers if he does.

So where does the pub sector go from here? As one executive warned last week, "we've got to shout louder, work harder, and be more co-ordinated". The problem is, this government seems unwilling to listen to anyone, however loud and well co-ordinated the argument.

Meanwhile, the Treasury could halt pubcos becoming real estate investment trusts (REITs). True, current conditions hardly favour a move to REITs anyway, but the government is mindful of the potential tax revenue losses to which such transfers could lead.

Observers warn this latest development could be bad news for some already beleaguered businesses.