111
By Bagehot
GEORGE Osborne, the chancellor of the exchequer, has given a very important interview to the Financial Times this morning. In essence, Mr Osborne has confirmed out loud what has been visible in the shadows of policy-making for some time: Britain has reversed its previous position on the development of a two-speed Europe, with Britain in an outer circle, and an inner core of countries that use the single currency choosing much deeper fiscal integration.
