People are worried. The more sophisticated wonder how we will navigate between the twin perils of inflation and low growth, fearing that we might crash into both rocks. Those who do not talk like economists fret about the forthcoming squeeze on their living standards. Almost everyone is alarmed about immigration. At present, we are keeping out the workers we need and doing nothing to bar our shores from bogus asylum seekers, some of whom will turn out to be criminals. Equally, a lot of sensible people cannot understand why Boris Johnson’s Government seems to acquiesce when its environmental policy is captured by a children’s crusade. Capture also applies to public spending. Ministers seem happy to throw money at problems. But are they sure that the new cash will be spent wisely? Morality of purpose is no excuse for incompetence in delivery. Waste is no more acceptable in a hospital than in a hedge fund.