A home-focused industrial policy hardly saved China from this epidemic. And openness and markets ensure diversity of supply – particularly in medicine and food.
At the least, we can expect reduced growth worldwide – and a more expansionary Budget next month.
Mercifully, there remain a few Thatcherites, even in the Cabinet, who believe in the power of liberty, responsibility, commerce and voluntary action.
The UK plus EFTA would have a greater GDP than Germany. As one, we would be the largest economy in Europe.