If there were ever doubts about China’s ascendance, they evaporated at eight minutes past eight on August 8. The confidence, originality and scale of the opening Olympic ceremony all said: “We’re here. Get used to it.”

Indeed we must. But should Britain, feeling the autumnal chill of possible recession, resign itself to a slow decline as power shifts back to the east? I do not think so. Yet significant change is needed to retain our place in the premier league of global economic powers.