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Showing posts with the label is Britain in debt

The Great British Debt Crisis

                                            On Friday 20th September 2024, it was revealed that the UK’s national debt was equal to the income the UK was able to generate; in short, debt was at 100% of GDP. This last occurred in the 1960s - and resulted in the following decade, the 1970s, being extremely difficult for ordinary people, with standards of living declining sharply across all demographics, something which, inevitably, hit those who were already experiencing poverty the hardest. The 1970s saw a massive loss of manufacturing in Britain - historically, the one sector that had been able to pull Britain through the downturns of economic cycles, because the UK used to be known, and respected for, exceptional quality of its manufactured goods, and many countries around the world were keen to purchase what were considered premium brands from Britain.   Manufacturing is also a very forgiving and open sector for employment, with low barriers to entry for those entering the workforce