There’s little bigger news any time than an economic slump, and the acknowledgement from Rishi Sunak that Britain is facing a “significant recession” augurs ill for a country likely to mutilate its key trading tie in less than eight months.

But with decidedly mixed messages on how Government finances might be reconciled going forward – no more austerity, apparently – and public services in need of investment, an inexperienced Treasury team need to come up with a plan fast.

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