In a hard hitting interview for tonight's newsnight programme, Jeremy Paxman has succeeded in getting Mr Osborne to admit that he has serious doubts about how to bring the economy back into line and avoid the threat of a double dip recession.
The interview started well enough, however it soon became clear that Mr Osborne did not have answers to many of the important issues such as where the axe would fall on spending cuts, and what to do to ensure malpractice within the banking system could not pose a significant threat to the UK economy in future.
Under savage questioning, Mr Osborne began swearing profusely and threatened violence towards Mr Paxman, while his aides and assistants argued with the show's producers about the aggressive and inflamatory direction the interview was taking.
During a particularly heated section, in which Mr Paxman demanded to know how the future role of the FSA would be carried out by the Bank of England, Mr Osborne stormed out of the studio shouting 'Who the fuck does he think he is? I don't have to put up with this, I'm the fucking Prince of Darkness, I am.'
Representatives from Mr Osborne's record company are expected to meet BBC officials today to discuss an apology.
However, Mr Paxman insisted that he was only doing his job and that there was no need to bite his fucking head off.