The tools are all there. The Bank of England must be instructed to intervene in bond markets to keep UK interest rates under control; it did that in 2008, 2016, and 2020, and there is no reason it cannot do so again.
The “there is no money” narrative must be abandoned. Government spending will need to rise to protect households and businesses from disruption, just as it did during Covid. Reeves needs to say that clearly, and say it now.
And on energy, the link between electricity pricing and gas prices must be broken immediately, something I have argued for repeatedly on this channel.
Meanwhile, with 92% of UK flights being for holidays, jet fuel must be rationed and redirected to essential travel, whilst road fuel rationing plans must be drawn up before the shortages hit, not after and renewable energy output must be maximised.
And on food and critical medical supplies, there must be a plan, publicly communicated, so that businesses and households know what to expect.
This is not radical. It is basic wartime economic management, with clear historical precedent. The question is why Rachel Reeves, the Chancellor of a Labour government, is failing to lead during the gravest economic crisis of her tenure. The UK economy cannot afford her silence.