Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
Display:
Brexiteers have made much of the UK being the 5th. largest economy in the world, and thus a major economy in its own right, and in a position to set its terms of trade with other economies to its own advantage. They claim it's historic and special relationships with the US and Commonwealth make it a world rather than just a European power in political, military and economic terms.

But what happens if the UK starts slipping down the global ranking list towards 10th. place? What happens if the chronic political instability and economic under-performance of the 1960's and 1970's returns? We're not talking short term recession here, but long term decline.

Economies have changed radically since the 1970's. The UK has de-industrialised and become more dependent on food imports. Financial services, capital movements, supply chains and cross-national just in time manufacturing processes have become much more complex and integrated.

Sometimes I think that national politics haven't caught up with these changed economic realities. I see the UK industrial base eroding further, financial services migrating abroad, intellectual properties being sold off, and the government's tax base disappearing down the toilet. But we won't know the extent of this for some years, and yes, the scapegoats will be many and varied. But it will be too late for that to matter. The damage will have been done.

Index of Frank's Diaries

by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Mon Apr 8th, 2019 at 08:49:04 PM EST
[ Parent ]

Others have rated this comment as follows:

Display:

Occasional Series