Remember back in 2003, when Vince Cable was saying that at some point the economy would collapse because of the amount of consumer credit?
Well, he was right then and he’s now saying that we could be up for another Brexit fuelled crash.
The former Business Secretary, who hopes to win back his former seat of Twickenham, says that a combination of declining consumer confidence, job losses and inflation has the potential to outstrip the economic storm of the previous decade. That, if you remember, was the direst economic crash since the Depression in the 30s.
For Britain, the economic weather is arguably worse than it was before the credit crunch. The pound has plummeted, which is driving up prices and trapping consumers in a vicious Brexit squeeze.
Consumer confidence was all that kept the storm clouds away. But with job losses at everywhere from Deutsche Bank to Nestlé, that confidence is going to drain away further.
The Chancellor clearly has no confidence in the economic strategy of the government, because he knows that leaving the single market and customs union has the potential to devastate the UK economy.