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That was Andrew Bailey, the Bank of England Governor, giving one of the bleakest forecasts I can remember over the state of the British economy.

A year-long recession doubled into inflation rising interest rates.

This trust the foreign secretary has no doubt who has to shoulder some of the blame.

The Bank of England, which she thinks needs a new mandate and the Treasury,

until recently, of course, under the management of Richie Sunak.

And the fact is, if we tax businesses too much, if we tax people too much,

and we've currently got the highest tax rates for 70 years in our country, we will throttle that growth.

Sunak, according to polls of party members, is trailing trust by about 30 points,

a huge gap if you believe the polls.

But the former chancellor hasn't thrown in the towel as he told the BBC.

So I'm going to keep going out and about. I'm fighting hard for every vote.

It's a real privilege to talk to our members about the vision I have for the country,

and I'm confident that we can win them over.

Welcome to Payne's Politics, your essential insider guide to Westminster

from the Financial Times, with me, George Parker, standing in for Seb,

who's supposed to be on holiday.

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