The markets know what Librium Liz and Kamikwasi don't - Britain is not America

On the last day of September 2022, a thinking Englishman wrote thus: “It is impossible to regain our sense of pragmatism?”

The Englishman is Ed Luce, the Financial Times US-based associate editor. In the lament lay a key element of self-awareness. Mr Luce wrote that British politics had been “plagued for years by magical thinking — promises that bear no relation to ability to deliver; extravagant lies that cater to some deep need for self-delusion; gullibility dressed up as taking back control’.”

This is true.

As former vice-president of the European Central Bank Vítor Constâncio said: “Since Brexit, the UK has shown a lot of hubris and denying reality, as if it was going back to greatness and the days of the empire.”

Almost no one could argue that Britain’s economy doesn’t need to be re-charged in some way. Since the 2008 financial crash, its mean growth rate has been just 1 per cent. In the 60 years, since 1948, its growth rate was 2.7 per cent.

But the supply-side economics shock therap…