We desperately need to rejoin the single market and customs union, whatever the former PM thinks
with an enormous credit line. The government would then launch a package of tough spending cuts as the quid pro quo for the loan, fiercely resisted by the Labour left’s leaders Michael Foot and Tony Benn, which would simultaneously shrink the economy and thus the current account deficit. A floor would be put under sterling and therefore curb inflation, aided and abetted by a pay and incomes policy.
Having to bail out the banking system seemed impossible in 2007 before it happened in 2008. The same inexorable forces are at work today
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