It looks as though Osborne is set on a Dash For Growth policy right in the middle of an oil crisis and financial turmoil. The last time that was tried by the Tories was under Chancellor Tony Barber when Ted Heath was Prime Minister. The net result was inflation over 20% and the lights going out during the 3 day week (an event which right wing commentators keep trying to move forward in the history books so that it occurs under the subsequent Labour government).
http://news.bbc.co.uk/1/hi/events/budget_99/budget_briefing/279928.stmTo be fair to Barber he did get his growth albeit briefly.
High oil prices mean that Osborne will only experience bust.