Untimely wobble for operation Osborne

Chancellor has made a series of missteps this week.

Let’s give George Osborne the benefit of the doubt.

He’s supposed to be masterminding Government efforts to maintain the union and fend off Alex Salmond’s Scottish separatists, so he could be forgiven for being distracted last week.

But, given this week he delivers his autumn budget statement, it was not a good time to see his economic acumen and strategic foresight questioned again.

Osborne’s stock has been rising.

In 2012 he served up the omnishambles budget which shot his reputation for political nous, such were the political gifts like the pasty tax and caravan tax he presented to the Opposition.

The background for that was an economy not just double-dipping into recession but triple-dipping, suggesting Osborne was as economically illiterate as he was politically dopey.

And when the Chancellor was roundly and humiliatingly booed at the London Paralympics the chances of him remaining long at the Treasury looked slim never mind any prospect of him one day leading the nation.

Since then, however, Osborne has seen his fate reflect that of the Olympic park. It’s been remodelled and regenerated all over again.

The argument over whether the economy double or triple-dipped is academic now because there’s no doubt growth has returned and, with every positive indicator, the Chancellor’s stature grows.

Osborne was beginning to look imperious as the so-called “under the bus” candidate to replace David Cameron for example, should the PM be politically (or even, heaven forfend, literally) wiped out it seemed the Conservatives would ask the Chancellor to move next door to No. 10 Downing Street.

Then came a series of untimely missteps last week.

It appears that on Sunday night the Government realised they would lose a House of Lords vote which would force them to cap the outrageous interest charges payday lenders can impose.

Osborne unleashed the supposed strategic genius within and simply U-turned, taking to the airwaves first thing on Monday morning to trumpet a policy the Government had derided.

But beating him to each radio and TV studio in turn was Labour’s Stella Creasy, who even the Chancellor had to admit has campaigned for a cap tirelessly and now successfully.

Osborne looked not like a leader but someone offering unconditional surrender to Stella’s agenda.

And defeats in the House of Lords still happened Labour recorded a significant victory in changing the Banking Reform Bill to insist top bankers are licensed.

If Osborne strikes out the peers’ amendment in the Commons he’s essentially supporting a regime that allows rogue Methodist vicars like former Co-op Bank head Paul Flowers to run banks.

Labour have pickled him good and proper on this one.

Then there are the personal pot shots. Osborne’s new hairdo continues to baffle. No one is quite sure if he’s trying to be cool, everyone is sure the haircut is not.

And news emerged last week of the Chancellor committing a very modern faux pas at a hoity-toity party when he whipped out his phone to film an impromptu sing-song by fellow guest Bono.

The bully boy Bullingdon Club attitude is alive and well in Government, and someone thinks it timely and necessary to take Osborne down a peg.

All of which means that, despite the improving economic outlook, Osborne has to prove himself anew on Thursday at the autumn statement.

He’ll likely cut the cost of petrol and announce plans to increase the personal tax allowance.

We know because, as is rapidly becoming tradition, the Lib Dems have been leaking like a sieve in an effort to claim credit for measures not yet officially unveiled.

Osborne has already said he’ll set out plans for a married people’s tax allowance, which will prove popular with Conservatives.

Osborne has as strong a hand as he’s ever held. He needs to play to win instead of building a house of cards.