Britain is traditionally confident about its economic place on the planet. With the fifth-largest economy in the world, the UK cleverly combines American levels of taxation with a European welfare state. Theresa May repeated 11 times in parliament on Wednesday that the country boasted a "strong economy" that depended on her "strong and stable leadership".

On some counts, the prime minister is correct. Britain's economy is no basket case but as a nation we suffer from misplaced economic superiority and exaggeration of our success. It is time for some truth telling.