Only after Mr Osborne finished his presentation did the US president realise his mistake.
Someone who was present at the briefing told The Sun: "It got really cringe-worthy by the end.”
According to the FT (£), Mr Obama is reported to have explained himself, saying: “I’m sorry, man. I must have confused you with my favourite R&B singer.”
Unlike the Chancellor, Jeffrey Osborne has had an illustrious music career with five gold and platinum solo albums. He is best known for the 1982 hit On The Wings of Love: