ONE thing that Theresa May made clear in her speech yesterday is that immigration policy is now leading economic policy.

The desire to control who we let in to our country, which tipped the balance in the EU Referendum, pretty much forced the PM’s hand in confirming that we will quit the single market.

It might be the most lucrative trading bloc in the world, supporting up to 100,000 North-East jobs, but staying in the single market would have hobbled attempts to control the movement of people into and out of our country.

Mrs May spoke of a potentially brighter future for UK exports but that kind of rhetoric echoes the false premise put forward by Brexiteers who ignore the fact that we already go to great lengths to secure overseas trade deals. Indeed the Government has a whole department that takes business leaders on trade missions to China, India, Africa and the Americas in search of new orders. To suggest that opting out of a guaranteed market for our goods will boost the economy is like saying that quitting a job with a guaranteed salary will lead to you earning much more when you strike out on your own. It might, but as most economists know, the majority of start-up businesses go bust within the first 12 months of trading.

But who listens to economists nowadays when our most important policy decisions can be guided by fear of immigrants?

The phrase 'It's the economy, stupid' became a guiding principle for governments across the world after President Clinton’s advisors used it to keep him focussed on the issues that would win popular approval – jobs and wealth. Judging by the direction of travel in which Mrs May is being propelled it would appear that she has a note pinned to her office door that reads 'It's the immigrants, stupid.'

Allowing that principle to hold sway is indeed a stupid idea.