First, let’s focus on core export industries where price makes a difference

We sell a lot of pharmaceuticals, but they are not price sensitive. Ten per cent here or there does not make a lot of difference to which medicine you prescribe.

But our largest single export by value is now cars – we sell $46bn (£37bn) of those abroad every year.

With a cheaper pound, the likes of Jaguar and Land Rover should make real progress against BMW and Lexus – indeed, the German manufacturers must be feeling a little queasy at the thought of tariffs in retaliation for our audacity in leaving the EU on top of the currency movement.

Likewise, our biggest net export by value is Scotch whisky. That is now going to be a lot cheaper against brandy or bourbon or any other high-end spirit. We should help distillers to expand and conquer new markets. If people get a taste for British cars and drinks again, that will last a long time.

Next, let’s encourage a fresh wave of inward investment

It looks like we are going to lose the advantages of being in the single market, which was a powerful incentive for global companies to base themselves here.

But, heck, we just became far, far cheaper, and, to make it even better, we have the lowest corporation tax of any major economy as well.

If overseas companies want to set up in this country, or buy our companies, then great. The more the better. In the last decade foreign investors have rebuilt half of London – let’s get them to rebuild Manchester and Leeds as well. And if at least three FTSE companies haven’t been sold in the next year, we should count that as a failure.

David Fuller's view

These are obviously sensible recommendations from Matthew Lynn and I would be astonished if Mrs May’s Government did not have similar views.

Encourage our exporters to increase production so that they can benefit fully from Sterling’s devaluation.  Simultaneously, encourage inward investment from developed economies, starting with the USA and Japan.  The Midlands and north of England can handle more manufacturing.  The tech region from Cambridge to Oxford and London is ideally position to expand cutting-edge research and development in the fields of technology and bio-technology.   

Here is a PDF of Matthew Lynn's article.