Between a rock and hard place

That is Fraser Nelson's analysis of the position of the Chancellor in his News of the World column thus morning.

He has two problems. A collapse of tax revenues—and a Prime Minister who wants him to spend even MORE.

However according to Fraser he is fighting his corner.Amidst rumours this week of splits between the treeasury and No 10

Darling’s message to No10 is simple: “Sorry, there’s no money.” Brown replies: “Well, tell the Bank of England to print some then.”

And the Chancellor is worried,

He knows just as there’s no such thing as a free lunch, there’s no such thing as free money.