Alistair Darling has been Chancellor of the Exchequer for a year. For the Treasury, it has been a year characterised by crisis management, with little insight into the Chancellor’s vision for the UK economy.

Last week’s Mansion House speech was Darling’s chance to redress the balance and explain how he will address the long-term challenges facing the UK economy. Instead, he devoted his speech to sending the blame abroad, putting the UK’s economic problems entirely down to global price rises.