When George Osborne arrived at the Treasury, he found a Post-It note written by his predecessor. It said 'Sorry, all the money's gone. Letters included for emergency use only.' Underneath were two plain envelopes, numbered one and two.
Six months ago, with British economy failing to respond to his austerity medicine, £300 billion of quantitive easing and countless initiatives to boost growth, George opened the first envelope. In the middle of the page were two words: 'Blame Me'.
Today as he digests the full awfulness of the recent economic data, Mr Osborne opens the second envelope. There he reads: 'Now sit down and write two letters.'
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