Last month the Economic Research Council identified 883 New Labour quangos costing £167.5 billion in 2005/06, up from £24.1 billion in 1997/98. That is five times the size of the Defence budget (£32 billion). Does George really think spending has to grow?

This is straight out of the New Labour play book in 1996, when Blair and Brown promised to stick to Major’s spending limits. Post-election, they then PFI’d a spending splurge off the PSBR books that will mean taxpayers are paying on the never-never for a generation.

Some say it is clever politics, some will say it is cowardice in the face of the enemy. Osborne’s intention to stick to Labour’s spending plans, despite the high tax burden, begs the question; what is the point of the Conservatives? What real choice do they offer voters?