We think of Britain as a world-beating economy. We would be better off thinking about Taiwan

‘While Jeremy Hunt is right to point out the things Britain does well, he is really only looking at the asset side of the balance sheet.’ Photograph: Jessica Taylor/UK Parliament/AFP/Getty Images

Inflation is at a 40-year-high. Food bills are soaring. Pensioners are so fearful of rising energy costs that they are delaying turning on their central heating. There are “eye-watering” cuts in public spending and tax increases to come. But never mind. All will be fine now that the grownups are back in charge.

Jeremy Hunt was at his emollient best in his Commons debut this week. The government has learned the hard way that you dispense with orthodoxy at your peril. Abacus economics – derided by Liz Truss during her leadership bid – is vital if the UK is to take advantage of its fundamental strengths.