The UK is in a major economic crisis, caused by the shock Brexit vote, that is being exacerbated by a political crisis. We have a newly appointed chancellor of the exchequer, and an opposition that has nothing to say on economic policy. What exactly would John McDonnell do if he was chancellor? He hasn’t told us. Sad to say, as one of his former economic advisers – I was on Labour’s economic advisory committee – I have no idea either. Labour does not seem to have a credible economic plan.

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It pains me to say that a Labour party led by Jeremy Corbyn has no chance of winning a general election now, in 2020, or at any other time. Tory voters and independents like the members of my family are not going to suddenly say “Jeremy is our guy”.

Corbyn doesn’t seem to care about being a leader of an opposition party. He seems more interested in addressing crowds of supporters around the country. It doesn’t seem to matter to him – although it should – that three-quarters of his MPs, who doubt his leadership qualities, rightly passed an overwhelming vote of no confidence against him. He should have quit. He doesn’t have enough MPs who support him to be able to form a complete shadow cabinet. Incidentally, if there were even the slightest prospect that he could become prime minister, the bond and equity markets would eat him for lunch.

Polls haven’t been accurate, to say the least, for a while – but it should worry those of us who think the country needs a credible opposition to find that out of the last 100 polls taken since the election Labour under Corbyn was behind in 95 of them. The latest poll I have seen from YouGov on 18 July has the Tories on 40% and Labour on 29%. This is why I am supporting Owen Smith as the only leader who can prevent a disaster. He has the support of enough MPs to form a credible opposition.

The May 2015 election wasn’t lost because Labour wasn’t left wing enough. It was simply unable to persuade the British people that it had a credible set of economic policies. Austerity was a disaster – it has led to the slowest recovery in 300 years and the biggest fall in real wages ever recorded. In my view, that is the main factor explaining the Brexit vote; people are hurting, but the hurt has little or nothing to do with EU regulations or immigration. Eastern European migrants, for example, pay much more into the public coffers than they take out. The overcrowding in the schools and the NHS arose because George Osborne as chancellor did not invest the people’s money in the services they were entitled to.

In September 2015 I was asked to join McDonnell’s advisory team, along with a number of other left-leaning economists such as Simon Wren-Lewis, Thomas Piketty and Mariana Mazzucato. I was pleased to accept that invitation because I hoped useful and effective policy ideas would emerge to challenge Osborne’s ruinous orthodoxy.

I also believe that it is perfectly sensible economics to make taxes and spending fairer. The tax code can clearly be made fairer by moving away from indirect taxes to fairer direct taxes. I made that clear when I was appointed.

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I was not a Corbynista. I even had the BBC apologise for claiming otherwise. I said: “I want to help Labour and to make sure that the party does and says sensible things.” I noted that “the new Labour leaders are not economists and are going to have to learn fast. They will have to accept the realities of capitalism and modern markets, like it or not.”

Sadly, they didn’t. The advisory committee – which has now been suspended – only met twice and few, if any, ideas were run past us. I did have to counter on live TV an ill-conceived idea mooted by Corbyn – never discussed by the committee – that if firms didn’t pay the living wage they would have their dividends taxed. It was ill-judged because if companies are not allowed to pay dividends, share prices will potentially rise instead. If you raise corporate taxes too high, companies may move to Ireland or elsewhere, where they are lower.

I should make it clear, I have never spoken to, met or communicated with Corbyn. I came into this in good faith. But Corbyn’s failure to effectively oppose Brexit and his refusal to stand down after the vote of no confidence were the last straws for me, and apparently for Wren-Lewis too. Piketty, who never attended a meeting, also quit. The country needs an opposition with a credible set of worked-out and carefully funded economic policies. The UK appears to already be in recession, but the Labour party has nothing to say. There is no plan. That’s not good enough. It’s time it got one.