In all George Osborne’s indulgence in political cross-dressing, shamelessly pilfering Labour’s wardrobe to introduce a 'living wage' and abolish non-dom tax status, for example, he has maintained his political decency by clinging to an outer garment of his own – deficit reduction.

It is looking ever more threadbare and if the global economic winds blow a little chillier, the Chancellor may have to try an even more brazen change of fashion and go for fiscal expansion.