Sunak needs coherent plan with serious firepower for great economic escape

Productivity is key but boosting it will take state as much as private investment after years of neglect

Britain's economy is at a turning point. Growth is slowing, with the rising chance of recession, inflation is at the highest level for 40 years, and expected to hit 11% this autumn as the country suffers an earlier and more painful economic firestorm than most other nations.

That it was considered big news for the governor of the Bank of England to spell out these uncomfortable home truths this week was perhaps surprising given the regular drip-drip of economic pain that has sent confidence among consumers to its lowest depths since the 1970s.