[MTVN]

He is able to scrap the tax credit cuts because borrowing over the next few years is now forecast to be a lot less than previously thought. Those forecasts will probably be wrong of course but there we are. It was a good review for Osborne and he's managed to avert a few big pitfalls.

Mind you, when your opposite number responds by reading Mao's Little Red Book then you're never going to look like the biggest fool of the day