If you had to pick a single, most explanatory root cause for the UK’s relative decline in the last 15 years, what would you pick?
No clear economic model?
Failure of elites?
Reluctance to build stuff?
Failure to accept growing demographic pressures?
Mean reversion?
???
No clear economic model?
Failure of elites?
Reluctance to build stuff?
Failure to accept growing demographic pressures?
Mean reversion?
???
Comments
All the things you mentioned are subsumed under that.
The same thing is happening globally esp in US, India, Russia
The UN is being systematically undermined much as the EU was for Brexit and League of Nations pre-WW2.
Germany is currently inflicting the same on itself, with visibly similar medium-term consequences.
A small proportion of the country is driving the economy and the majority are understandably defensively looking to keep their show on the road. Going nowhere fast.
Which is another way of saying, not realising the 90s economic model had come to the end of the road, & failing to find another one.
Although the question of why we failed to adjust bugs me
- he normalised the view that the trade deficit didn't matter, with the long run effect that so many UK assets passed into o'seas control, and our international investment position has turned negative ...
One BBC political correspondent 10/15 years ago used to say 'we don't get into policy'. So his stuff was gossipy, even inaccurate, rubbish.
It's three times' worse now. Roughly.
Not sure what any is, but my answer is voters voting for posh boys.
There’s an argument that a lot of problems were stored up over decades by failing to adjust the economic model, but austerity is a different and valid answer I think
here it's just a financial cost and HMT pushes delivery depts to strip back delivery
Partly due to some very bad decisions that were slow burn disasters/tragedies (implementation details of RTB, bad handling of deindustrialisation, poll tax causing council tax) but also because the myth around her has poisoned brains across the spectrum in media and politics.