Not just in one nation or even one continent, storm clouds are visibly gathering and the well-being of millions – indeed, billions – is at risk. But human ingenuity may yet conquer all, and the good times may return. Hope springs eternal. The first step towards such a recovery will be an honest appraisal of what has gone wrong, with bold measures to put it right. In many ways the problems of the United Kingdom are a miniature version of problems worldwide. Britain will not recover unless the world recovers.

Energy, for example. The globalisation of energy supplies has made large parts of the world, including much of Europe, dependent on unreliable and unstable sources. The conflict between Russia and Ukraine has choked off a major supply of gas and oil on which many European economies rely; and under the law of supply and demand, the price of such energy has sky-rocketed globally. British consumers have been warned of an 80 per cent increase in the cost of heating their homes and cooking their food. It is obvious they cannot afford to pay that, while inflation in double figures is undermining incomes across the board.