The truth, Prime Minister, is that you have run out of our money. The country as a whole is now in negative equity. Every British child is born owing around 20,000 pounds. Servicing the interest on that debt is going to cost more than educating the child.
The populists always fail in their own terms. Let me be more specific, the protectionists always fail. They always end up delivering the sharpest fall in living standards to the people who are their biggest supporters.
You cannot carry on forever squeezing the productive bit of the economy in order to fund an unprecedented engorgement of the unproductive bit.
