The markets have taken back control: so much for Truss's Brexit delusion of sovereignty | Jonathan Freedland

This is the biggest humiliation of Britain since Suez, a reminder that no government can ignore reality

Hard to believe now, when we're in the middle of the maelstrom, but one day this too will be the past. And when it is, when we're out of the hourly psychodrama - no longer staring at the screen, watching Kwasi Kwarteng's plane do an actual U-turn in the sky en route to his being fired on touchdown, for the crime of doing what his boss wanted him to do - it may not look all that complicated.

Historians will look back and see a point of origin to the current madness, one that explains how a new prime minister could see her administration fall apart in a matter of weeks, even if we struggle to name that cause out loud right now. When the textbooks of the future come to the chapter we are living through, in the autumn of 2022, they will start with the summer of 2016: Brexit and the specific delusion that drove it.

Jonathan Freedland is a Guardian columnist