An ‘alternative’ (GB News) headline spoke of doom-mongering, Johnny-foreigners talking down our great economy. Yet on the same day The Economist told us that the US economy is going ‘from strength to strength’, and lies, damned lies and statistics aside, there’s no doubt we’re doing worse than most. Now I’m as much of an economist as most Brits are meteorologists, but that’s never stopped us talking about the weather; so here’s the thing. America is a low tax, privatised economy, but has had a huge government spend in the recent years. Most of Europe is high tax and, un-privatised with lots of stuff still state-owned. We’re high tax and mostly privatised with austerity-lingering amounts of public spending. Do the math. Which I think is what Rishi wants us all to be able to do, isn’t it? (And, PS, notice I haven’t even mentioned the ‘B’ word).
You might not have realised it, but ‘over the past four decades, wealth has soared across Britain’. And the sudden and big jump in interest rates in the past few months will have long-term effects, £2tn-worth, it’s thought.