T wo winners in the budget are known already. They are the National Wealth Fund and the British Business Bank, state-funded investment bodies that have rapidly become central to the government’s growth strategy.

The former chancellor Rachel Reeves handed extra slugs of capital to both and now John Healey is going further. The NWF will get another £15.4bn over the next half decade, on top of its existing £27.8bn, and there’ll be another £5bn for the BBB, which already has £30.6bn.

Expect a fanfare about “over 100,000 jobs across the country to be created” via the extra capital for these so-called PuFins. The term means public financial institutions.…