Britain is not prepared for the unprecedented economic pain ahead

Editorial: Nothing quite like this has befallen the nation since the end of the Second World War

The UK is entering uncharted and treacherous territory (EPA)

Even with all the chilling headlines, stern warnings by the chancellor of “eye-watering” choices and dire economic forecasts, the true scale of the imminent assault on living standards seems imperfectly understood.

Of course, there have been many recessions, periods of inflation, strikes, house price crashes, cuts to public services and times of joblessness before. But rarely have they occurred with the severity and for such a protracted time as seems likely now.

The 2020s seem set to be a decade of sluggish growth and relative decline in standards of living compared with our European neighbours. The UK is entering uncharted and treacherous territory, and because nothing quite like this has befallen the nation since the end of the Second World War, it is understandable that the challenges ahead are dimly understood and difficult to visualise – let alone accept.