After the party comes the hangover. The problem for the UK is that it has had an unusually long and boisterous party so the hangover could be unusually severe.
I am beginning to get a bit of an apocalyptic feeling about what is happening in the UK. Firstly, the domestic economy seems to be falling off a cliff. Second, we have a Bank Governor, fellow members of the interest rate setting committee and many economists who are preoccupied with the inflation threat rather than the gathering economic slowdown.
Thirdly, we have arguably one of the most incompetent government in British political history, with a philosophy based on the high-spending-public-sector nanny-knows-best approach that bears much of the responsibility for the mess in which we now find ourselves.
Cavalry isn't coming
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