…from Britishland:
The fundamental problem confronting PM Keir Starmer and Chancellor* Reeves is that Britain’s state is reliant on growth to fund itself, while also doing its apparent best to block it. The transition to net zero, the generosity of the welfare state that undermines work incentives, the planning system that effectively vetoes investment, and the tax system that pays for the same, have more effectively blocked Britain’s prosperity than any number of de-growth activists. The result of this stagnation, coupled with a fiscal state already stretched to its limits, is that each disappointing growth out-turn finds the Prime Minister and Chancellor attempting to find new ways to make it through one more Office for Budget Responsibility forecast period while the premium applied to British debt continues to go up.
Sucks to be them, dunnit? Although under FJB’s presidency, we were headed alarmingly down the same path.
*Chancellor of the Exchequer is kinda like our Treasury Secretary, only the Chancellor actually sets and defines the national budget.
Unfortunately, England has been on the slow decline after WWI and they picked up steam after WWII. Other than Churchill and Thatcher, were there any real bright spots in Britain’s future after WWII?
USA is not out of the woods yet but moving in the right direction I still feel a correction of significant nature will be felt later this year?