Johnson's Brexit needs to deliver economic benefits – and fast

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There may be a short-term Brexit bounce but more austerity and deregulation won’t wash with PM’s new voters

A soaring pound. Shares rising to record levels on the stock exchange. With the threat of a Labour government removed, it was a familiar story in the City once details of the exit poll were released. The last time the Conservatives won four elections in a row was 1992, and there were echoes of John Major’s unexpected victory as election night unfolded.

For a start, on neither occasion did the Tories have much of an economic record to defend. Britain is not in recession – as it was in the run-up to the 1992 election – but it has come pretty close to it. Growth has stalled in the past three months. Factory output is down. Business investment has fallen.

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