The bruising Commons encounters between George Osborne and Ed Balls are often a pleasure to watch – albeit from a safe distance. And none more so than today’s bout, with its characteristic “rapier v sledgehammer” quality.
It was Balls who called the encounter through an urgent question to inquire about the loss of Britain’s cherished AAA credit rating. But it was Osborne who got to speak first.
The chancellor observed that the markets had not shown much volatility today, with 10-year gilts steady at 2.1 per cent and the FTSE slightly up. (He ignored the fact that at one point sterling hit a two-year low in reaction to the news.)
Waspishly, he observed that the downgrade was “worrying” to anyone who thought that Read more