As I speak Kenneth Clarke is saying that the foreign exchange markets will reject the pre-Budget report, which he says the country cannot afford.
That's absurd: doing nothing is a way to guarantee massive losses for us all.
Yes, this is going to be very expensive. Yes the borrowing is going to be dear. Yes, that gives problems with long term interest rates. But that's better than depression.
And some will face depression: don't doubt it. The US is at greatest risk. And our borrowing rate will be lower than the Eurozone.
That's why we won't have a run on the pound. There is nowhere else to go now.
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