Osborne's new framework is a joke, but reveals the contempt the Conservatives have for the democratic will of parliament. Any future (chartalist) government will be able to revoke the framework, returning the Treasury to a subordinate position. Until then, British democracy will have been weakened by the arbitrary, self-imposed "rules" that serve only a few and narrow interests.
The defining feature of the Tory campaign was its insistence that voting for the Labour party would be economically reckless, that the Labour party would overspend and doom the country. It seems that, at the last minute, part of the electorate found those arguments compelling, choosing to elect a Tory majority.