The Cameroons and their lobby fodder are walking round with wide grins. Our Glorious Ex Leader, Gordon is laughing his arse off. Labour MP's await the Ozzie v Balls battle of intellect and cross floor insults.
The decision to make Ed Balls, Shadow Chancellor is a gift from the gods of Thatcher and Blair for the Tory led government. The man they blame for the huge deficit: who wrote the rules on banking in the UK and the first lieutenant of the Glorious Leader, they love to hate, is back in the line of fire.
Tories, will leave no dirty stone unturned. Tories will have their media mates trawling for any smear, muck raked innuendo or mendacious memo as they line up to bury their knives in Balls.
Ed Balls, the bulldog who will not let go, has form. He has provided the Tories with more than enough ammunition to blast him back to his ex boss in Brownville. And they will have a new mantra, "balls to the Economy!)
But, Labour will also be smiling in anticipation of the demolishing of Ozzie and the Cameroons. Balls is no soft touch. The equal of any Tory on the economy, he will bite, grip and hold on to the posh Osborne. Osborne and Cameron should be worried.
Balls is an intellectual, wearing boxing gloves that he is not afraid to use. Give him a sniff of a chance and this bulldog will savage the opposition.
Thatcher had her handbag, Millband has Balls.