The Foreign Policy: The British economy is worse than what’s appeared to be
The Foreign Policy newspaper stated that Britain is facing a serious economic and social crisis, which will deepen if major shifts in politics don’t occur, noting that there is little sense of this crisis among the country’s elite, especially politicians.
Simon Telford, director of the Oracle Partnership, said in an article that the power of the narrative that masks the UK’s economic misfortune has caused the gap to widen, to the point of collapsing, between the reality of Britain as portrayed by the dominant narrative of its economy’s performance, and real life as experienced by the average citizen.
Telford explained that Britain was relatively lagging behind in growth during the 1970s, but this was nothing compared to the current collapse in living standards today.
Average real wages in the UK are now lower than they were 18 years ago, which is unprecedented in the country’s economic history in peacetime.
He noted that Britain is the least well-off of any developed country, even the United States, and the result is that working families take ever greater risks.
As the Resolution Foundation recently revealed, young Britons today face paying far more money in tax than they will ever receive in terms of pensions and other benefits, and the opposite is true for older groups.
The bad aspects of the British economy to say that there is an unprecedented housing crisis, and public services, especially health care, are under unprecedented pressure as well, as the number of deaths has risen to more than expected.
Britain has also become the only country in Europe with a low life expectancy.
Likewise, the United Kingdom also suffers from a large structural trade deficit, and is facing a deep economic growth crisis, not least because business investment is taking place at the lowest level in the Group of Seven, according to the article.
Britain is still one of the most developed countries that suffer from economic inequality, or what is called class differences, according to the Equality Trust.
Telford stressed that the greater the gap between the prevailing narrative and the reality that most people suffer from, the greater the political risks, calling on the British government to be honest about the challenges it faces and to develop long-term strategies to overcome them.
He also made it clear that voters don’t expect miracles, but they must feel confident that things are moving in the right direction, and if this isn’t the case, then the way will be open to social unrest, loss of respect for political institutions, and a growing inability to govern.