Osborne won't be having an emergency budget then

Our word, a week really is a long time in politics isn't it? For George Osborne comes out of his post-referendum funk induced purdah to tell us all that he was just kidding. No, really, you didn't actually take the Chancellor of the Exchequer seriously did you? Ha, ha, gotcha! 

Mr Osborne will not publish an emergency Budget and says that while the outcome of the EU referendum will have an effect on public finances, it is sensible to wait until the autumn for the Office for Budget Responsibility (OBR) to assess the economy and for the new prime minister to be in place. 

Some 12 days ago we were being told:

George Osborne will warn that he would have to fill the £30bn black hole in public finances triggered by a vote to leave the European Union by hiking income tax, alcohol and petrol duties and making massive cuts to the NHS, schools and defence.

In a sign of the panic gripping the remain campaign, the chancellor plans to say that the hit to the economy will be so large that he will have little choice but to tear apart Conservative manifesto promises in an emergency budget delivered within weeks of an out vote.

Yes, of course, we know, the original threat and today's backtracking are both politics rather than economics and politicians do that. And that's why having politicians with power over the economy is such a bad idea - they will, inevitably, do politics not economics with the economy.

However, Chancellor is one of those jobs where the reality bit rather than the phantasms of politics is rather more important than it is in much of the rest of the Westminster circus. There will always be a blend between the buying of votes and doing what is actually correct but that blend has been, these past few years, far too populist and not enough reality.

Still, not to worry too much, only a couple of months to go now. For we rather do believe that the next Prime Minister will have a Chancellor, a different one, one who will eye up the balance rather differently.