End of the road for economic growth in the UK? The UK government - and most Western European governments - hyperfixate on economic growth as a measure of political success: If growth is strong, the claim goes, then the government of the day are doing things right, regardless of how popular their policies are with the public. If growth slows, the government has clearly made the wrong decision, and needs to alter course, and prove that they deserve to be in charge. This is something that has become a sacred truth in government. "This will destroy growth!" "This risks crashing UK growth prospects!" have become ever-more aggressive reactions to policy suggestions from opposing parties, or individual politicians. Initially, I assumed this was deliberate fear-mongering; because the public associates "economic growth" with " my individual life improving, me as an individual having more money for less work, and everything gettin...
The Bank of England is expressing significant concerns about Britain's "ageing and ailing workforce", harmonising to the government's tune of how the long-term sick are responsible for the UK economic challenges, and how "necessary" raising the State pension age is. Those two songs have been a more or less constant refrain from various shades of UK governments since 1997 - almost 30years. Pretty much my whole life, and the entirety of my life as someone old enough to vote. Of course, work is necessary. Countries have essential core services which require vast workforces to provide and administrate. Governments should be generating national income by exporting from the manufacturing, STEM, creative, and knowledge economy sectors, all of which require their own skilled and specialist workforces, and the workforce of their respective administrative and marketing functions. Continuous income, to cover the unavoidable payment lags in exports, is necessary fo...