Borrowing costs for the 10-year notes, however, rose to 5.84% from 5.24%.

WSJ: European Shares End on High Note

As he notes, this was always a bit strange, given that borrowing for investment was explicitly excluded from Mr Osborne's deficit target.

BBC: Hard times for Mr Osborne

Jackson is borrowing from material both Tolkein and his son added to the Hobbit in the form of notes, years later.

FORBES: A Deeper Mythology Emerges In the Latest Trailer for Peter Jackson's 'The Hobbit'