When even the Tory Party's in-house newspaper, the Daily Telegraph think Osborne's plans are barking you know he is in trouble...

There is so much to say about George Osborne's speech on the economy and his interview with the Today Programme (he must be starting to dread Sarah Montague). And I'll return to it this afternoon.

But there's a contradiction in his argument (more than one actually). In this climate there is "no room for tax cuts", he says. But then goes on to say there is room for a council tax freeze, which is just a tax cut - albeit temporary - by another name. He doesn't want to use the phrase tax cut because he and Oliver Letwin are afraid of the term, having built the Tories (non) policy of the last few years on them being "A Bad Thing".