George Osborne's abandonment of any fundamental changes to pension scheme taxation 10 days ago before his Budget this week took everyone by surprise.

The question is whether this was just a postponement caused by politics ie the EU referendum and will return later this Parliament, and/or whether he will be tempted to have another go at public sector pensions in the next couple of years. After all pension tax relief costs £34bn a year and George would dearly have loved some of that. Might he therefore feast his eyes on the cost of public sector pensions, especially the unfunded NHS and civil service schemes, which cost 1.8% of GDP?