Chancellor's targets: Looking wonky

The Chancellor’s economically illiterate plan to achieve a budget surplus by 2020 looks more doomed by the day. Given today’s numbers, he can’t even reach his borrowing targets for this year.

It makes you wonder about the calibre of the Treasury wonks who advise him on this stuff: while I’m sure they’re all super-bright, do they have the guts and gravitas to say “no, minister” when their conscience guides them?

I’m reminded of a City friend who, booked to give a talk at the department, was quietly asked in advance if he was planning on making any jokes about Black Wednesday or other moderately historical events.

“Please bear in mind your audience will mostly be in their twenties and may be neither interested nor amused,” he was gently told.