Interesting news from Osborne's new Office for Budget Reponsibility. It strikes me that this negates the case for harsh cuts this year. Growth is fragile. but borrowing is lower than first thought. Doesn't this make the case for maintaining spending stronger - to keep what growth there is in the economy? With borrowing lower the cuts are not so pressing, but cuts risk pumping up unemployment and dragging us into a downward spiral.

Removing first class travel is a perfect example. I used to travel to London first class for around £74 each way. Now I cannot go first class. However, Virgin then restructure their fares, and the cheap tickets are no longer available. I now travel standard class for £100 each way. The end result of a public sector cut is a profits dilemma for a private supplier - and the end result a net loss for the taxpayer (I pay more for my travel).

Interesting times indeed.