David Cameron knows a thing or two about rescuing a bankrupt or-ganisation. The Tory leader has successfully turned the Conservative party from a basket-case into a political force. Yesterday, he outlined measures for promoting economic recovery, including reform of insolvency procedures. His proposal to import the best aspects of the US "Chapter 11" regime is worth pursuing, albeit with caution.

The bankruptcy proposals were part of what Mr Cameron claimed was a plan for economic recovery. It was not. The credit squeeze and soaring commodity prices leave any government with few options. Mr Cameron nevertheless rehearsed his familiar list of sops and schemes. He reannounced plans to tinker with petrol prices and complicate property taxes - all of which are feeble and expensive.