Will Hutton tells us that:

Last week, we learned that in the first three months of this year Britain’s current account deficit was the worst since records began in 1955. It stood at a stunning 8.3% of GDP

He also tells us that:

What cannot be mentioned is Brexit and the obvious depressive impact it is having on UK exports and inward investment flows.

It’s not actually possible for both of those to be true, that the trade deficit soars and that inward investment is depressed. This is a very basic piece of GDP accounting, not some wild neoliberal claim.

The thing about the balance of payments is that it does balance. If there’s a trade deficit - which is very similar to but not exactly the same as a current account deficit - then there must be a capital account surplus to offset it. The very fact of that trade defict blowing out not just implies but absolutely insists that more foreign capital must be coming in on net.

It is not possible for this not to be true.

That Willy, who would plan our economy for us, doesn’t know the accounting basics of the economy would seem to indicate that we shouldn’t pay much attention to Willy’s plans for the economy.

Perhaps that’s the correct solution in fact, we should stop worrying about Willy and simply ignore him. Although perhaps this is news only for those who haven’t rumbled him years ago.