The chancellor joked both about the widely held belief that the London mayor wants to succeed David Cameron as Tory leader as well as his opposition to a third runway at Heathrow.
The chancellor told MPs that the RAF group fights command centre in West London was the place where the Battle of Britain was directed from and "it badly needs repair".
"I want to he thank the new member, my Hon. friend for Uxbridge [Boris] for bringing to my attention the dilapidated state of his campaign bunker. Let its renovation stand as a monument to the heirs of Battle of Britain and the days when aeroplanes flew rely over the skies of West London," Osborne said to laughter.