GEORGE Osborne admitted he blundered when he introduced the “pasty tax” – the measure at the heart of what was dubbed his ‘omnishambles’ Budget.

In a conference interview, the Chancellor was asked about his aborted attempt, last year, to slap 20 per cent VAT on hot-baked snacks, such as pasties and pies.

Mr Osborne replied: “It wasn't great. I made a political miscalculation over that budget and obviously, in my job, you’re not supposed to make those political miscalculations.”

The tax was swiftly dropped after a protest that attracted 300,000 signatures and criticism by the likes of Greggs, the North-East based bakery chain.