Japan’s problems have been made much worse by the Bank of Japan’s failure to follow Milton Friedman’s advice 15 years ago.

In the 1970s, Britain was locked into a downward spiral, and nobody seemed to think it could be reversed, except Margaret Thatcher. She found a country on its knees in 1979, and in just 11 years, she reversed decades of miserable decline.

Reforms to DSP would provide a number of incentives to make it easier for more people to move off welfare and into work.