Philip Hammond nails newsnight

I've been alarmed by the initial Conservative responses today to the news on interest rates and the question on if they will be passed on. I don't see George Osborne insistence that the government make the banks pass on the cut as something that should ever have come from the mouth of a Conservative politician.

But Philip Hammond on Newsnight just 10 minutes ago was a revelation. He knew his facts, which were up to date,. He delivered in short sentence the key insights into the current problem , nailed the government with the blame and made Vince Cable and the Labour MP who chairs the Treasury select committee look flat footed.

I think this man will be chancellor one day, and maybe shadow chancellor shortly.

Go and watch Thursday's Newsnight to see for yourself.