Osborne has once again come close to saying what many in Westminster think – the PM is at the very least delusional, if not bonkers.

The FT reports Gordon’s fantasy that the tripartite regulatory system worked and is being copied around the world. Osborne clearly could not bite his lip, retorting that Gordon is “still living in his Walter Mitty world where his system of banking regulation didn’t fail, where boom-and-bust had been abolished and where Britain is best placed to withstand the recession”.

Just say it straight : Brown is Bonkers.