Britain's cautionary tale of self-destruction - 0 views
messaging-custom-newsletters.nytimes.com/...oakv2
uk decline causes austerity crisis policy history politics
![](/images/link.gif)
-
Post-Covid, the geopolitical order has been thrown into tumult. At the beginning of the pandemic, commentators wondered about the fate of the United States, its indifferent political leadership and its apparently diminished “state capacity.” Lately, they have focused more on the sudden weakness of China: its population in decline, its economy struggling more than it has in decades, its “zero Covid” reversal
-
the descent of Britain is in many ways more dramatic. By the end of next year, the average British family will be less well off than the average Slovenian one, according to a recent analysis by John Burn-Murdoch at The Financial Times; by the end of this decade, the average British family will have a lower standard of living than the average Polish one.
-
On the campaign trail and in office, promising a new prosperity, Boris Johnson used to talk incessantly about “leveling up.” But the last dozen years of uninterrupted Tory rule have produced, in economic terms, something much more like a national flatlining.
- ...14 more annotations...
-
two economists asked whether the ongoing slowdown in British productivity was unprecedented. Their answer: not quite, but that it was certainly the worst in the last 250 years, since the very beginning of the Industrial Revolution.
-
To find a fitting analogue to the British economic experience of the last decade, you have to reach back to a time before the arrival of any significant growth at all, to a period governed much more by Malthusianism, subsistence-level poverty and a nearly flat economic future. By all accounts, things have gotten worse since their paper was published.
-
there are eight million young Brits in the work force today who have not experienced sustained wage growth at all.
-
The experience of Britain over the same period suggests another fly in the End of History ointment, undermining a separate supposition of that era, which lives on in zombie form in ours: that convergence meant that rich and well-governed countries would stay that way.
-
focusing on a single “Leave” vote risks confusing that one abrupt outburst of xenophobic populism with what in fact is a long-term story of manufactured decline. As Burn-Murdoch demonstrates in another in his series of data-rich analyses of the British plight, the country’s obvious struggles have a very obvious central cause: austerity
-
in the name of rebalancing budgets, the Tory-led government set about cutting annual public spending, as a proportion of G.D.P., to 39 percent from 46 percent. The cuts were far larger and more consistent than nearly all of Britain’s peer countries managed to enact
-
The consequences have been remarkable: a very different Britain from the one that reached the turn of the millennium as Tony Blair’s “Cool Britannia.” Real wages have actually declined, on average, over the last 15 years, making America’s wage stagnation over the same period seem appealing by comparison.
-
the private sector is also behaving shortsightedly, skimping on long-term investments and extracting profits from financial speculation instead: “To put it bluntly, Britain’s capitalist class has effectively given up on the future.”
-
there has been a slow, sighing decay — one that makes contemporary Britain a revealing case study in the way we talk and think about the fates of nations and the shape of contemporary history.
-
if the political experience of the last decade has taught us anything, it is that whether the world as a whole is richer than it was 50 years ago matters much less to the people on it today than who got those gains, and how they compare with expectations
-
it’s cold comfort to point out to an American despairing over Covid-era life expectancy declines that, in fact, a child born today can still expect to live longer than one born in 1995, for instance, or to tell a Brit worrying over his or her economic prospects that added prosperity is likely to come eventually — at the same level enjoyed by economies in the former Eastern Bloc.
-
Can Britain even stomach such a comparison? The wealthy West has long regarded development as a race that has already and definitively been won, with suspense remaining primarily about how quickly and how fully the rest of the world might catch up
-
Britain has long since formally relinquished its dreams of world domination, but the implied bargain of imperial retreat was something like a tenured chair at the table of global elders. As it turns out, things can fall apart in the metropole too
-
Over two centuries, a tiny island nation made itself an empire and a capitalist fable, essentially inventing economic growth and then, powered by it, swallowing half the world. Over just two decades now, it has remade itself as a cautionary tale.