Johnson's Brexit needs to deliver economic benefits – and fast

There may be short-term boost but more cuts and deregulation will not wash in new Tory seats

A soaring pound. Shares rising to record levels on the stock exchange. With the threat of a Labour government removed, it was a familiar story in the City once details of the exit poll were released. The previous time the Conservatives won four elections in a row was 1992, and there were echoes of John Major's unexpected victory as election night unfolded.

For a start, on neither occasion did the Tories have much of an economic record to defend. Britain is not in recession - as it was in the run-up to the 1992 election - but it has come pretty close to it. Growth has stalled in the past three months. Factory output is down. Business investment has fallen.