Brexit lacks credibility – but Remainers lack leadership | William Keegan

Past generations of British politicians proved equal to the crises that faced them. This time, there is a strong whiff of panic in the corridors of power

To say that the lunatics have taken over the asylum would doubtless be termed politically incorrect. But the uncomfortable truth is that a bunch of ideological Brexit clowns have perpetrated a coup on the British government and the majority of the British people.

Seldom - or, to be more precise, never - in half a century of covering British economics have I encountered such a failure of leadership at a time of crisis. We came close to the abyss in 1976 but were saved by Jim Callaghan, the prime minister, and Denis Healey, the chancellor. On that occasion, after fraught talks, the two held the cabinet together and negotiated a loan from the International Monetary Fund which restored our credibility in the markets.