When David Cameron led the Conservative Party to its first overall majority in the House of Commons in almost two decades, having confirmed he would not seek a third term as Prime Minister, on 7th May the Tory leadership contest had already begun.

Long considered the favourite to succeed Cameron, earlier this week Chancellor George Osborne was furious when his attempt to cut tax credits was defeated by the House of Lords.

As a result of the vote the Chancellor pledged to reconsider the proposals.

Described as a personal blow to Osborne, really this defeat has presented him with an intriguing opportunity.

Just months since the last general election, and supposedly four years till the Tory leadership vote, it might prove a good time to fail and to listen.

During the Conservatives’ first term in power, one Osborne budget sticks out like a sore thumb: the now infamous 2012 “omnishambles” budget was followed by u-turns here, there and everywhere.

Having learned from the embarrassment that comes with minor yet towering blunders, Osborne has also since worked on altering his media and physical image with new political and communications advice, a new diet, a slimmer waistline and haircut.

Presumably the aim has been to seem and appear more prime ministerial, and it has probably worked.

In this new term, however, and with the pace of the Tory leadership race likely to quicken fast, one policy, failure or moment of madness may have the potential to make an all-mighty negative hallmark on his bid.

Had tax credits of the most vulnerable in society been cut sharp and fast by a party seeking to position itself as that of hard working people, when potential competitors for the Tory crown have quietly signalled a preference to slow down, the contradictions exposed might have tarred Osborne forever.

Throughout this episode, on tax credits the perceived radical opposition Labour leader Jeremy Corbyn and Shadow Chancellor John McDonnell have appeared calm, compassionate and above party politics.

Osborne will live to fight another day, but he must find the moral high ground again soon.

That is tackling the deficit, yes, but in a way which may not just be fair and but is also seen to be fair. Had this week’s tax credit proposals been both then the Lords may never have intervened.

As Cameron edges closer towards the exit door, and should the economy continue to grow, the likes of Boris Johnson and Theresa May vying for the leadership might find it increasingly difficult to compete against a competent, popular Chancellor and politician that listens.

Sometimes in politics it’s okay to fail; even better if defeat comes at a good time. For the still unfinished article George Osborne it arguably has. It’s important to remember, too, that no Chancellor or government is invincible.