Budget 2012: One thing is for sure, it will not be dull

Chancellor George Osborne is delivering his Budget speech later today Photo: REUTERS/Kevin Coombs

Hugh Dalton resigned as Labour Chancellor in 1947 for mentioning to a journalist on his way to the Chamber a measure or two in the Budget.

The measures appeared in a newspaper before Hon. Members heard them. On that basis we should see a new Chancellor, Deputy Prime Minister and Chief Secretary very shortly. We won't. 'Leaking' is the new 'purdah'.

New jobs for Nick Clegg, George Osborne and Danny Alexander? Unlikely. Credit: REUTERS/Parbul TV

Geoffrey Howe cut spending and raised taxes mid-recession in 1979 . So did George Osborne in 2010 . Nigel Lawson spat at perceived political wisdom when he slashed taxes in 1988. So, too, will George. I think.

They say George, Cameron's Machiavelli, does his politics like chess rather than poker. It could all - or in part - have been a glorious feint. I really don't know.

They offer you their leaks and you takes your choices. One thing is for sure, it will not be dull.

What he gives he will take elsewhere and, like Harold Wilson, he does not blink without assessing the political implications.

Like Harold Wilson, George Osborne will think about the political implications of his Budget Credit: ITN

It is all about the 2015 General Election - still 3 years and 3 months away. That is a lot of pay-packets. See you at 1215.