Nobody needs to invest in the UK. Few need to own sterling. In practice, the UK faces an immovable fiscal constraint. As recently outlined by a sombre Chancellor to a subdued House, the painful price of pretending otherwise will now be paid for years. There is little new in the tragedy engulfing the UK. Less than a century ago, Argentina was one of the most prosperous countries on earth. But the tempting allure of populist delusion has trumped the heavy lifting of hard choices, and it has sunk ever deeper into the mire. The Falklands Conflict was a notable staging…

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