The stark statistic that stood out in the middle of Paul Johnson’s session at our Future Forum North last week in Manchester was the gap between what might have been in terms of UK GDP since 2007 and what it is in reality. Paul, director of the Institute for Fiscal Studies (IFS), estimated it at £400bn a year, equivalent to almost a quarter of current output, had the average increase in GDP continued its curve from 2007. Instead, as we know, GDP dropped sharply after the fiscal crash and then as it was recovering had another setback after the referendum result.

Public spending this year represents 38% of GDP or £29,000 a head. That extra £400bn of now lost GDP would have generated in turn an extra £150bn to spend on public services, more than the annual £130bn spent on health.