Most will probably think I am being too easy on Dr Fox here, or naive, or both but... I think he has a fairly reasonable grasp of his brief compared to most recent predecessors.
He is hardly going to say "yes, you're right it's one big s*** sandwich'. He could, but then he'd get fired. Sure, we could do with some leaders with a spine, but equally you've got to pick your battles. I think Dr Fox will probably be thinking that having promised the Select Committee on behalf of the government that all will be well, he will use that as leverage against the Chancellor after 2015. I would also be surprised if he wasn't privately encouraging the Select Committee.
Or maybe he knows it's just a battle he's not going to win.