Plenty of countries suffered from the financial crisis and covid-19—but Britain’s problems run deeper. This is the first in a series of articles looking at growth in Britain and how to fix it
half-hearted vote to endorse Boris Johnson as prime minister, on June 6th, betrayed how deeply Britain’s ruling party fails to confront hard choices. A defeat for Mr Johnson would have ushered in a new government, with a chance to prove itself before the next election. A resounding victory would have given him a fresh mandate to show that he had put his transgressions behind him.
The idea that Britain has a growth problem is not new. But few realise how deep a hole it is in. Whereas average annualgrowth over the decade preceding the global financial crisis of 2007-09 was 2.7%, the new normal is now closer to just 1.7%. Part of the problem is that boosterish politicians talk so much nonsense about growth. The statistics are noisy and complex enough for a clever civil servant to find a number that paints Britain in a favourable light. Don’t be fooled. Self-delusion stifles fresh thinking about policy, one reason Britain’s economic debates have been tangential to growth, harmful even. For most of the 2010s politicians obsessed about cutting deficits.
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