After a series of high level meetings, Business Secretary Vince Cable has turned down Chancellor George Osborne's request to be added to his motor insurance policy on the main family car.
The Chancellor had been under pressure from his inner circle of closest political friends to seek an arrangement with Cable to "borrow the old man's wheels" and drive them to a dance music festival in Sussex on Saturday night. But, in a dinner-time showdown over lamb chops and mash, a stern-faced Cable lambasted the Chancellor's record, citing the 6 points already amassed in relation to Cable's wife's car.
As one source put it: "Vince told George in no uncertain terms he had not proved himself to be responsible or adult enough to be entrusted with the vehicle. It would, Cable explained, be too much, too soon for the Chancellor and he urged Osborne to calm down and wait until he was old enough. But there was carrot there as well as stick: he promised George the chance of getting on the insurance in future if got a haircut and proved he could hold a job down."
The Chancellor is said to have reacted furiously, leaving the table immediately for an unknown location, believed to be his bedroom, from which neighbours reported hearing loud guitar music blasting for several hours.
Meanwhile Treasury sources have denied reports that the Chancellor had been planning to take the car to a supermarket car park near Croydon after closing hours on Friday night and perform a series of wheel-spins and handbrake turns before 'seeing what this dream machine' can do on the M23.