WE live in the fifth biggest economy in the world. Yet somehow we can’t afford to look after our elderly people or fund our hospitals properly. Or our schools.

We have reported before how desperately under-funded York schools are. Today we report on a funding crisis affecting East Yorkshire schools.

A document published by East Riding council says every state secondary in the district will be in the red within two years. Many primary schools also face huge financial pressures.

Caring for the sick and educating the young are among the most basic services expected of any civilised nation. So why can’t one of the richest countries in the world afford to do these simple things?

Yes, the global crash of 2008 put the economy in a spin. And yes, we’d barely begun to recover before Brexit introduced new uncertainties.

But if we can’t even keep our schools and hospitals running without them racking up massive debts, there’s something fundamentally wrong in the way we order the national finances.

We suspect that part of the problem is that national politicians, frightened of putting up taxes, are setting unrealistic budgets for schools and hospitals, knowing that when local managers fail to stick to them, they’re the ones who will get the blame.

Well, it won’t wash. Britain’s public services are in a mess, and the most vulnerable people in our society are being failed.

It’s up to Theresa May’s government to sort this out. If the only way to do so is by closing tax loopholes or raising taxes, then politicians should have the courage to say so, and voters should have the sense to not punish them for it at the ballot box.