This is why we have Brexit. As the Guardian reports this morning:
Seaside towns and cities dominate the list of areas with the highest numbers of people getting into serious difficulties with debt, according to new figures.
Scarborough, the largest resort on the Yorkshire coast, ranked second out of 347 local authorities in England and Wales for personal insolvencies, while Torbay in Devon — which includes the town of Torquay —came third, said the accountancy firm UHY Hacker Young.
Plymouth, on the south coast of Devon, was ranked fourth, while Blackpool was in sixth place.
However, it was the city of Stoke-on-Trent in the Midlands which had the highest rate of personal insolvencies, recording just over 51 per 10,000 adults in 2018. The national average was 25, said the firm.
And these are amongst the strongest Brexit supporting areas, unsurprisingly. Despite which, as Mervyn King has noticed, nothing has changed from the pre-2008 scenario. And so Brexit enthusiasm remains.
He has no answert for that. But I do. It's called a Green New Deal, of course.
Start insulating houses in these places. Create jobs.
Build the infrastructure for the growing home holiday market we are going to have to have whilst we're at it. That's improved public transport. And facilities.
And at the same time regulate this debt: better fix the price that can be paid.
And whatever happens, support people in their communities by allowing more social spending: give these councils the funding they need.
It's not rocket science. But it's a million miles from Westminster and Threadneedle Street. And that's why we're in the mess we're in.