It spoke volumes of her promised fiscal approach ‘on becoming’ PM that Liz Truss cited Professor Patrick Minford as an ‘endorser’. Then, in light of revelations of just how far off-grid his eccentric views can be, team Truss distanced themselves from Minford. Bear in mind that during the time his academic contemporaries were performing crucial policy setting roles on the MPC and OBR, Minford was in the wilds of Wales until, that is, his rediscovery by the adventuress Truss.

Let me be very clear. Those who wish only well for the UK economy should have no doubt that the ex-chancellor should become prime minister. In the event that we do see Truss rise to Tory leader, be prepared to see a rise in gilt yields and a fall in the pound. Now, as much as I would prefer to see Sunak rather than the arrival of Truss in Downing Street, I almost certainly foresee her summarily dismissing Governor Bailey (he is short-dated whoever wins). I have no doubt this would add further to gilt yields and jolt the pound down. The sad truth is that Truss would make a monetary martyr of Bailey, a man who is in fact a monetary moron. Yes, I did write that, because he has proven as much in his ill-judged words and in his poorly timed actions.