Read his lips
Has the chancellor just told us that there will be no tax increases beyond those he's already announced - a new bank levy and an increase in capital gains tax - or decided to live with Labour's plan for a new 50p rate, higher taxes on pensions contributions and the national insurance rise for workers?
George Osborne re-iterated his commitment today to let spending cuts take around 80% of the burden of cutting the deficit and tax rises around 20%.
He then added that by agreeing to the Lib Dem proposal to increase capital gains tax he was already on course to raise "more than 20".
So, provided the new Office for Budget Responsibility does not conclude that the hole to be filled is even bigger than feared there will be no need to raise VAT or any other tax in the emergency budget of 22 June.
If the hole is bigger, though...