The latest figures show imports rising more quickly than exports and state borrowing at record levels. Public spending has been growing at more than 5% in cash terms during April to November compared to the same period last year.
This matters more than the well justified reduction in Dr Cable’s responsibilities following his ill judged remarks on the Murdoch businesses. The UK needs to borrow and import less, and export and earn more. The public debate still concentrates on cuts instead of looking at the overall picture, where the UK is still running a lot of financial risk in difficult times.