I can't help wondering whether Mr Osborne has been looking at Labour's huge lead in the polls, and is beginning to wonder whether austerity really is all it's cracked up to be...
He can no longer hope against hope that private sector job creation will compensate for public sector job losses, so he has a choice: Cut heavily now and get massacred at the next election, or carry on spending beyond the country's means and let whoever wins the next election worry about the Greek-style mess he leaves behind!
Why do I have a feeling he'll go for the latter?
Jeff