On the radio this morning, David Cameron sounded ever more preposterous in his faux-shock at the Prime Minister's borrowing strategy and the decision to spend £12 billion on a 2.5% cut in VAT. No term of abuse was too strong for this idea, despite its being first proposed by one Kenneth Clarke, because of its impact on public debt (though significantly, Cameron admitted he wasn't suggesting much lower debt levels himself).
By lunchtime, we saw where Cameron was headed. He had his own tax cut plans - worth £4 billion a year with no indication from whence they might be funded, though health, schools, defence and international development budgets would be left unaltered. Tax-free income would rise £2000 a year for the average pensioner and basic rate taxpayers would pay no tax on savings.
But what would the economic impact of this unfunded largesse be? As the respected Institute for Fiscal Studies pointed out, there was a chance that it would result in less money flowing into the economy. Moreover, once the four ringfenced areas were left unscathed it could result in a "very sharp slowdown" in the rate of spending growth across many areas of government.
Which might, incidentally, also lead to higher council taxes, as DCLG is not protected. Back to the drawing board, chaps?