The Tories know the game is up, even if the City of London doesn’t

With faith in Labour economic policies on the rise, and staunch voters losing faith, the next election will not be another 1992

Economic menus have rarely sounded so bland. A mild recession in 2023, followed by a fall in inflation and, for dessert, a return to modest growth.

The current consensus view among City economists of next year's overarching economic outlook would appear to be fairly benign, compared with the Armageddon promised by the Truss/Kwarteng fiasco of a few months ago. They forecast an absence of job losses, except at the margins of the retail industry, hospitality and maybe construction, though worker shortages would mean that even in these sectors, most people looking for a job would find one.