The proposal to raise the speed limit to 80 mph is being explained as an initiative to boost the economy. But I’m not convinced that economic benefit is the real reason and nor it seems is Phillip Hammond, the Transport Minister, judging by his comments during a radio interview yesterday evening. He claimed the limit was to be raised for the benefit of the economy, because modern cars are capable of being driven at higher speeds more safely, the 70 mph limit was introduced nearly 50 years ago, because as most drivers exceed the present speed limit anyway it would bring them within the law.

Which is it and is it really necessary to do so?

Once upon a time there was a British Empire when Britain enjoyed a status and influence in many parts of the world. The British government would act as a global police force and provide money and support to emerging countries in exchange for trade. Today Britain, while its status and influence in many parts of the world has diminished, continues to act as a global police force and to provide money and support to emerging countries in exchange for trade. However the big difference is that we can no longer afford to do so.

If we do accept as a nation that we should look after ourselves before we look after everyone else then, even though Britain’s perceived status in the world may be undermined, the budget deficit would become much less of a challenge.

Stopping all foreign aid and closing embassies, or greatly reducing the level of diplomatic presence in many countries could save a considerable amount of money without necessarily impacting on our ability to trade. Meanwhile if we are no longer required to send our troops to conflicts throughout the world, we won’t need two new aircraft carriers in the future and could scrap Trident. In addition, we could merge the Army, Air Force and Navy into one defence force which would only require one chain of command and one support infrastructure. That would save a considerable amount of money.

So what is more important right now - Britain’s role and status in the world or Britain’s future financial well-being?