The bloodletting has begun and the eager beavers compete to see who can slice and dice the greatest chunk from his pet department. Overseeing the macabre circus stands Osborne, looking for all the world like a pasty youth on his gap year entering the casino in Monte Carlo holding the secrets of a "foolproof system" in his clammy paw. The only difference being that in Monte he would be risking his own bank, but now he is recklessly gambling with all our banks.

Watching the Chancellor go about his work, one can't help but recall that as a boy he somewhat charmlessly skinned a live cat in a failed attempt to win over some acquaintances. Now he has the appearance of a man who has skinned a couple of Burmese before breakfast, simply because he can. It is all rather unsavoury.

As is my custom when overwhelmed with ennui, I hot-foot it to Margaret's for a injection of vitality and common sense. Age cannot wither, nor custom stale, our Greatest Leader.“Dear Gideon, how good of you to visit." She kisses my cheek. "And with whisky, too."
I pour the drinks. "Now - please help me here, dear boy - what exactly is the point of the Liberal Democrats?"

As the blessed Margaret well knows, it is the great unanswerable question of our age. “I've never trusted a Liberal," she continues, "since that
ghastly Jeremy Thorpe made a pass at Willie Whitelaw in the Commons Tea Room."

“How did the great man react?"

“With dignity. He said, 'Put it away, Thorpe,' and then went back to eating his scone."

I pour the drinks.

“I worry, Gideon. I worry about young Osborne."

“You are not alone."

“Dear Denis always used to say that in politics, as in golf, you must be very careful about choosing your enemies and your battles. Preparation is the key. Don't start a fight until you have something worth fighting for."

“Wise words."

“Extremely. But not being heeded by the Chancellor and his cohorts. He seems to revel in being unpopular."

“He has a gift for it."

“And to no particular end. Where, I ask, is the economics?"

“He doesn't believe in economics."

“Ridiculous. You can't just be anti-Keynes, you must be pro something. We had Joseph, Walters, Friedman. We knew what we were doing. Who does Osborne have? Does he know what he is doing?"

“To which the answers are no one and no."

“That is a poor lookout."