Roblog

It’s difficult to argue with this article’s damning assessment of Britain’s inability to build just about anything, and the economic stagnation that has resulted:

“Real wage growth has been flat for 16 years. Average weekly wages are only 0.8 percent higher today than their previous peak in 2008. Annual real wages are 6.9 percent lower for the median full-time worker today than they were in 2008. This essay argues that Britain’s economy has stagnated for a fundamentally simple reason: because it has banned the investment in housing, transport and energy that it most vitally needs. Britain has denied its economy the foundations it needs to grow on.”

I’m not sure I agree with the libertarian “just remove the red tape” prescription at the end of it; I think the authors’ policy recommendations are undermined by the example they themselves use, France, which is hardly some Thatcherite paradise of unfettered market forces. But perhaps it’s churlish to split ideological hairs on solutions: the problems seem so vast that scarcely anything could be worse.