GEORGE OSBORNE enjoyed himself at Treasury questions with a ponderous “joke” about John McDonnell and Yanis Varoufakis having both lost their marbles, but his economic policy is far more risible.

He swings from triumphalist recitations of questionable statistics suggesting that Britain’s economy is an example to the world to grim acceptance that all is not well.

The Chancellor was buoyant barely two months ago, forecasting “an economic recovery for all and felt in all parts of our nation.”