This chart makes europhiles moist with excitement…A lot of eurosceptics have a nightmare scenario in which the plunging pound reaches parity with euro. At this point, they believe, swapping pounds for euros would be easier for the political class to sell to fundamentally eurosceptical British voters. It is no big deal the europhiles will claim, “prices will remain unchanged”.

The pound has now plunged to an all-time low against the euro, it bought €1.50 last year and now buys €1.25. At this rate of decline sterling could easily hit parity before the next general election. So a by-product of UK inflation getting out of control, growth faltering and house prices slumping could be joining the European Monetary Union and anchoring our economy to the Bundesbank. You have been warned…

Talking of warnings, only on Saturday Gordon was pontificating that the IMF needed to become “an early warning system”, well yesterday the IMF warned UK house prices could fall 10% this year. Got that Gordon?