The Chancellor’s opponents both inside and outside the Conservative Party have drawn satisfaction from his humbling. Yet Osborne is rarely as formidable as suggested in his moments of triumph, nor as feeble as suggested in his moments of defeat. He has been written off before - after the Oleg Deripaska affair, after the "omnishambles" Budget and after the "1930s" cuts furore - and recovered each time His fate remains open. It will be some time, however, before he can once more joke about the “terrible” policies of his predecessors.
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