There is only one way out of this. The British people may decide the cost is too high. Before anything has happened yet, they can see how the prospect of hard Brexit is already causing serious damage. The pound plunging by 17% is a national disaster, predicted to fall further: only those who supported Brexit whistle in the dark, pretending it’s good news. It will help a few manufacturers and Bond Street retailers of luxury goods, but our precarious over-dependence on imports means steep price rises ahead in petrol and food are rather more important than cheaper Burberry handbags.
The old dear never really has grasped economics, has she?
The falling pound is the solution to all those things. Imports will become more expensive, meaning that we shall buy less of them. This will switch demand to domestic production. That’s just how exchange rates work.