Remember Warwick Lightfoot....?

I thought not. He was once an important and shadowy figure behind the scenes of the Tory government, and he acted as an adviser over the chancellors who brought us the last recession.

today he was voicinghis opinions over the current recession.

"The exchange rate has fallen sharply this year, by about 16% overall. In my judgement, that's been a good thing...

"But you do not want, even in a very deep recession, your exchange rate to go into some kind of free-fall because it completely undermines confidence in your economy."

The problem with Lightfoot pontificating on the economy was that it was the ethos of financial de-regulation, of which he is such a keen proponent, that brought not only the last recession, but the current one as well. So taking advice from Lightfoot about the economy is a bit like taking advice from Napoleon on the merits of invading Russia.

George Osborne however, desperate to be seen as having something to say, that does not remind people of Russian oligarchs and luxury yachts, is spouting the Lightfoot dogma. If, as one would expect, there is not a run on the pound, George Osborne will start to look very silly indeed.... a Tory meltdown starts here? Probably not- but expect George Osborne to take a polite demotion some time soon.