Austerity in action. The poor have to tighten their belts to make sure the rich get to keep their money after gambling with it and tanking the economy.
The problem is the need for growth. By moving money from the poor to the rich, who then use it to create paper profits. That leads to growth, which politicans love. The issue is that it is only paper profit so basicly a bubble, so when Brexit started a decline in the real British economy, that bubble has to burst. However that really hurts the rich. So no way the current conservative government does it.
The Uk like all rich developed nations need to realize that they are rich already, so they need to protect that wealth. So the key should be to take the wealth from the rich, use it to invest into infrastructure like railways, buildings and the electrictiy grid. That means higher wages for the working class, which actually lifts up the poor. Due to higher taxes, it however also hurts the rich, which hurts the economy. So you end up with no GDP growth for a long time, but a lot stronger and healthier eonomy.
The sick man of Europe.
This isn’t a recent thing. Arguably the 90s and early 2000s were just a blip in the UK’s long-term post-imperial decline.
The real shame is that the UK is still in denial about that decline, rather than accepting the truth of it, and ensuring a soft landing.
Bit like how the Palace of Westminster is urgently in need of renovation, but because it’ll cost too much, and because Britain is still too attached to symbols of a glory age that’s long gone, MPs keep kicking the can down the road rather than doing what’s necessary to prevent a catastrophic failure.
The imperial days are long past, it’s more about the financialisation of its economy with a focus on London.
On a side note: I traveled the UK in the 90ties and it felt like any other western European country. When I went back in the mid 2010s I was shocked that as soon as you leave London its more akin to a poor eastern European country.
I don’t know if there has ever been a clearer case of the local political elite failing their country (and trying to scapegoat the EU for it).
They just figured this out?
I can relate this headline to my last ten years of life.
this is the problem when you have a parasitic aristocratic class. capitalism is bad enough. but along with feudalism. it’s hard stuff…
