What does it take to become a member of the 35% club?

This exclusive grouping currently includes just a handful of OECD countries – excluding emerging market nations like Turkey, only Australia, Switzerland and South Korea manage to spend such a small proportion of GDP on government. But if George Osborne has his way, Britain will soon be taught the secret handshake and handed the keys to the executive bathroom.

The good news is that life in the 35% club is not going to be some dystopian return to Wigan Pier. The three existing members are highly successful societies. Anyone who has spent time in Melbourne recently will know that it is a vibrant, safe and prosperous place. I am assured that Seoul and Zurich are not far behind.

The problem for Britain is not so much the landing as the fall. Transitioning from the postwar welfare model to an Australian approach will be extremely painful politically, and the way that Osborne is set to go about it is unorthodox to say the least.