There’s only one way to save Britain from bankruptcy – but you might not like it

That means unblocking planning rules – and scrapping judicial reviews if necessary – to start building again. 

We need to relax our net zero targets, putting a stop to idiotic ambitions of being a global leader on climate change, and settling for being a middle-of-the-road nation instead, lowering energy costs for companies and households.

We need to deregulate aggressively, making Britain a place where companies are free to innovate and try out new technologies, a haven from stifling EU regulations. 

And we need to slash tariffs, no matter whether these cuts are reciprocated or not, so that the cost of imports is lower, and manufacturers and retailers can source raw materials from anywhere in the world. 

Many of these reforms will take little if any money. Some may even save some. All they will really cost is the political will to escape our doom loop of rising debt leading to rising taxes, lower growth, and rising debt again.

We seem poised to enter yet another cycle of the same tired, failed policies, failing utterly to learn from our mistakes. The early signals already look to be present in the gilt market; the pressure is only going to grow over the autumn. 

The bet that tax rises and fiscal responsibility would crush bond yields back down to sane levels has clearly failed. At some point, Britain must break free of these bonds and start growing again. 

If we don’t, we face a grim future of mounting debts, sclerotic growth – and potentially a fiscal collapse.