Tim Farron and Vince Cable have written for the Times’ Red Box website setting out what they think should happen in negotiations with the EU and in economic strategy as we face a self-induced Brexit recession.

As Nick Clegg said before the referendum, so called Project Fear was understating the impact Brexit would have. We are also suffering a void of leadership and some very unrealistic thinking from the Brexit camp who, as we discovered, didn’t really have a plan.

We can’t hang about, they say:

Business and investors won’t wait around forever to see leadership.  Many first tier organisations will simply pack their bags and go unless they see a path ahead.  Meanwhile our smaller businesses, and particularly those in high risk/ high innovation sectors will feel the squeeze as bank lending dries up as it did in 2008.

Two things need to be done. You get the feeling this was filed before yesterday’s extraordinary events:

The first can only be done by leaders of Leave – those who wish to lead us into the new unknown – and in particular, Boris Johnson and Michael Gove.  They must now show his vision for the UK and provide a clear plan for Britain’s relationship with the EU.  To reassure the market they, and other potential prime ministers, need to make clear that membership of the single market is the priority ask for any negotiations.  Businesses need to know that, whatever else, their key relationships will not have to fundamentally change.

It will require real leadership, rather than populist platitudes.  It may mean securing a deal which pleases no one and does not address many of the concerns raised by leave voters about immigration and freedom of movement.  Leading is about making choices, it’s now time for Boris and Gove to tell us theirs.

The second urgent priority must be the responsibility of the current government.  There is now every likelihood of a Brexit recession.  If the government acts now, by abandoning its already unnecessary financial straitjacket and allowing capital investment and stimulus support to flow into precarious parts of our economy, we might avoid the worst impacts on jobs and livelihoods. The economy could be stimulated through the Network Rail Capital Project and local authorities being allowed to borrow to build houses. The £250bn the governor of the Bank of England has put aside could be put into the Funding for Lending and the Regional Growth Fund.

Of primary concern must be our most innovative industries.  Those businesses on the cutting edge are likely to see funding from traditional financial institutions dry up as banks revert to their core business model.  Giving serious financial help and stability to these industries is vital to ensure their long term future in the UK.

The British Business Bank, set up by the Lib Dems in Government, is a crucial part of the support for business that’s needed: