Every new economic statistic is now seized on by supporters or opponents of Brexit, either as a boost for their cause or a setback for their enemy as they continue their neverendum campaign.

They miss the big picture: the Brexit vote and the June election were both rejections of the economic status quo. No wonder: a decade of wage stagnation means the crisis that began in 2007 is not over for millions.

Yet the political class has been remarkably slow to realise it, as epitomised by Theresa May’s disastrous decision to call the election and then barely mention the economy during the campaign. She should have known better; she recognised after last year’s referendum that the vote was not just about the EU, but also the “left behind” and “just about managing.”

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At the election, Jeremy Corbyn’s anti-austerity message caught the public mood; not only have people’s incomes and benefits been squeezed, but their public services have deteriorated. Above all, the fruits of the so-called recovery since the financial crisis have not been shared fairly.

Young people are poorer than their parents; many have little hope of getting a toe on the housing ladder. The London-centric political class kept the economy unbalanced; the North is still fighting for its fair share of investment. No region outside London and the South East has seen output per person return to its peak before the crisis. The economy isn’t working.

Corbyn departed from the Tory-Labour consensus on the economy that has existed since the Margaret Thatcher era. But Labour’s manifesto, inevitably thrown together for the snap election, did not offer fundamental reform. Reversing Tory privatisations was hardly a new idea. Indeed, since the 1980s, Labour has been more interested in social rather than economic change.

To meet the huge challenges of Brexit, an ageing population and automation, the country needs a new economic policy that turns into reality our politicians’ rhetoric about “an economy that works for all” (Tories) and one “for the many, not the few” (Labour). Radical reforms after the Second World War and then under Thatcher did last but the failure to achieve prosperity and fairness since the crisis shows that another rethink is needed.

Thankfully some fresh ideas will be offered early next month in an interim report by a Commission on Economic Justice set up by the IPPR think tank. It will contain a powerful analysis of the failings of the British economy and will set out a new vision for it. The commission includes the Archbishop of Canterbury; the bosses of John Lewis, Siemens and McKinsey; City of London representatives; entrepreneurs; academics and trade unionists. That its impressive 24-strong cast list all recognise the need to rewrite the economic rules is quite a comment on the state we’re in. It will produce its final report next year, and aims to be the most significant review of economic policy outside of government this decade.

Although the IPPR has always been close to Labour, there was a time when Theresa May looked more likely to pick up and run with the commission’s ideas. Her guru Nick Timothy, who resigned after the election disaster, had been taking a close interest in the commission’s work. It dovetailed with his striking language in the Tory manifesto, which declared: “We do not believe in untrammelled free markets. We reject the cult of selfish individualism. We abhor social division, injustice, unfairness and inequality.”

Shape Created with Sketch. Everyone the Government blames for the NHS crisis – except themselves Show all 6 left Created with Sketch. right Created with Sketch. Shape Created with Sketch. Everyone the Government blames for the NHS crisis – except themselves 1/6 The elderly “We acknowledge that there are pressures on the health service, there are always extra pressures on the NHS in the winter, but we have the added pressures of the ageing population and the growing complex needs of the population,” Theresa May has said. Waits of over 12 hours in A&E among elderly people have more than doubled in two years, according to figures from NHS Digital. Getty 2/6 Patients going to A&E instead of seeing their GPs Jeremy Hunt has called for a “honest discussion with the public about the purpose of A&E departments”, saying that around a third of A&E patients were in hospital unnecessarily. Mr Hunt told Radio 4’s Today programme the NHS now had more doctors, nurses and funding than ever, but explained what he called “very serious problems at some hospitals” by suggesting pressures were increasing in part because people are going to A&Es when they should not. He urged patients to visit their GP for non-emergency illnesses, outlined plans to release time for family doctors to support urgent care work, and said the NHS will soon be able to deliver seven-day access to a GP from 8am to 8pm. But doctors struggling amid a GP recruitment crisis said Mr Hunt’s plans were unrealistic and demanded the Government commit to investing in all areas of the overstretched health service. Getty 3/6 Simon Stevens, head of NHS England Reports that “key members” of Ms May’s team used internal meetings to accuse Simon Stevens, head of NHS England, of being unenthusiastic and unresponsive have been rejected by Downing Street. Mr Stevens had allegedly rejected claims made by Ms May that the NHS had been given more funding than required. Getty Images 4/6 Previous health policy, not funding In an interview with Sky News’s Sophy Ridge, Ms May acknowledged the NHS faced pressures but said it was a problem that had been “ducked by government over the years”. She refuted the claim that hospitals were tackling a “humanitarian crisis” and said health funding was at record levels. “We asked the NHS a while back to set out what it needed over the next five years in terms of its plan for the future and the funding that it would need,” said the Prime Minister. “They did that, we gave them that funding, in fact we gave them more funding than they required… Funding is now at record levels for the NHS, more money has been going in.” But doctors accused Ms May of being “in denial” about how the lack of additional funding provided for health and social care were behind a spiralling crisis in NHS hospitals. Getty Images 5/6 Target to treat all A&E patients within four hours Mr Hunt was accused of watering down the flagship target to treat all A&E patients within four hours. The Health Secretary told MPs the promise – introduced by Tony Blair’s government in 2000 – should only be for “those who actually need it”. Amid jeers in the Commons, Mr Hunt said only four other countries pledged to treat all patients within a similar timeframe and all had “less stringent” rules. But Ms May has now said the Government will stand by the four-hour target for A&E, which says 95 per cent of patients must be dealt with within that time frame. Getty Images 6/6 No one Mr Hunt was accused of “hiding” from the public eye following news of the Red Cross’s comments and didn’t make an official statement for two days. He was also filmed refusing to answer questions from journalists who pursued him down the street yesterday to ask whether he planned to scrap the four-hour A&E waiting time target. Sky News reporter Beth Rigby pressed the Health Secretary on his position on the matter, saying “the public will want to know, Mr Hunt”. “Sorry Beth, I’ve answered questions about this already,” replied Mr Hunt. “But you didn’t answer questions on this. You said it was over-interpreted in the House of Commons and you didn’t want to water it down. Is that what you’re saying?” said Ms Rigby. “It’s very difficult, because how are we going to explain to the public what your intention is, when you change your position and then won’t answer the question, Mr Hunt”. But the Health Secretary maintained his silence until he reached his car and got in. Getty 1/6 The elderly “We acknowledge that there are pressures on the health service, there are always extra pressures on the NHS in the winter, but we have the added pressures of the ageing population and the growing complex needs of the population,” Theresa May has said. Waits of over 12 hours in A&E among elderly people have more than doubled in two years, according to figures from NHS Digital. Getty 2/6 Patients going to A&E instead of seeing their GPs Jeremy Hunt has called for a “honest discussion with the public about the purpose of A&E departments”, saying that around a third of A&E patients were in hospital unnecessarily. Mr Hunt told Radio 4’s Today programme the NHS now had more doctors, nurses and funding than ever, but explained what he called “very serious problems at some hospitals” by suggesting pressures were increasing in part because people are going to A&Es when they should not. He urged patients to visit their GP for non-emergency illnesses, outlined plans to release time for family doctors to support urgent care work, and said the NHS will soon be able to deliver seven-day access to a GP from 8am to 8pm. But doctors struggling amid a GP recruitment crisis said Mr Hunt’s plans were unrealistic and demanded the Government commit to investing in all areas of the overstretched health service. Getty 3/6 Simon Stevens, head of NHS England Reports that “key members” of Ms May’s team used internal meetings to accuse Simon Stevens, head of NHS England, of being unenthusiastic and unresponsive have been rejected by Downing Street. Mr Stevens had allegedly rejected claims made by Ms May that the NHS had been given more funding than required. Getty Images 4/6 Previous health policy, not funding In an interview with Sky News’s Sophy Ridge, Ms May acknowledged the NHS faced pressures but said it was a problem that had been “ducked by government over the years”. She refuted the claim that hospitals were tackling a “humanitarian crisis” and said health funding was at record levels. “We asked the NHS a while back to set out what it needed over the next five years in terms of its plan for the future and the funding that it would need,” said the Prime Minister. “They did that, we gave them that funding, in fact we gave them more funding than they required… Funding is now at record levels for the NHS, more money has been going in.” But doctors accused Ms May of being “in denial” about how the lack of additional funding provided for health and social care were behind a spiralling crisis in NHS hospitals. Getty Images 5/6 Target to treat all A&E patients within four hours Mr Hunt was accused of watering down the flagship target to treat all A&E patients within four hours. The Health Secretary told MPs the promise – introduced by Tony Blair’s government in 2000 – should only be for “those who actually need it”. Amid jeers in the Commons, Mr Hunt said only four other countries pledged to treat all patients within a similar timeframe and all had “less stringent” rules. But Ms May has now said the Government will stand by the four-hour target for A&E, which says 95 per cent of patients must be dealt with within that time frame. Getty Images 6/6 No one Mr Hunt was accused of “hiding” from the public eye following news of the Red Cross’s comments and didn’t make an official statement for two days. He was also filmed refusing to answer questions from journalists who pursued him down the street yesterday to ask whether he planned to scrap the four-hour A&E waiting time target. Sky News reporter Beth Rigby pressed the Health Secretary on his position on the matter, saying “the public will want to know, Mr Hunt”. “Sorry Beth, I’ve answered questions about this already,” replied Mr Hunt. “But you didn’t answer questions on this. You said it was over-interpreted in the House of Commons and you didn’t want to water it down. Is that what you’re saying?” said Ms Rigby. “It’s very difficult, because how are we going to explain to the public what your intention is, when you change your position and then won’t answer the question, Mr Hunt”. But the Health Secretary maintained his silence until he reached his car and got in. Getty

Timothy’s departure, May’s fight for her very survival, the all-consuming Brexit process and her lack of a Commons majority mean that such words will not be turned into action. A promised cap on energy prices has been dropped and next week May is expected to dilute proposals to force company boards to hold binding votes of shareholders on executive pay. A progressive social care funding plan was abandoned after it was appallingly presented.

May’s brief tack to the left seems over; the Tory right is in the ascendancy again, declaring that capitalism is working and demanding yet more tax cuts – even though the £9bn frittered away in corporation tax cuts would have been better spent on the NHS, social care and education.

Perhaps May’s successor as Tory leader will be more interested in the commission’s blueprint. The younger generation of Tory MPs are more open to radical thinking than their elders and know the party must appeal to younger voters.

In the short term, the field will be open for Labour to harvest the commission’s work. It might just provide the first draft of the new economic settlement we need.

We’ll tell you what’s true. You can form your own view.

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