John Mather – author of this piece of writing
Britain needs to stop the school yard politics of short term squabbling noise. It is negative and destructive , inhibits recovery and encourages capital to leave for more optimistic jurisdictions
A quick review of recent history
Major Economic Milestones:
🔹 Pre-Financial Crisis (2004-2007)
Robust financial services sector
Strong consumer spending and housing market
GDP growth averaging 2-3% annually
🔹 Financial Crisis Era (2008-2012)
2008: Banking sector crisis originating in UK and US
2009: Deepest recession since WWII (-4.2% GDP contraction)
2010-2012: Austerity measures and slow recovery
🔹 Recovery and Brexit Era (2013-2019)
2013-2015: Strong recovery, unemployment falling
2016: Brexit Referendum – immediate currency devaluation
2017-2019: Prolonged uncertainty affecting business investment
🔹 Recent Challenges (2020-2024)
2020: COVID-19 pandemic – 9.8% GDP contraction (worst in G7)
2021-2022: Strong recovery but inflation surge
2023-2024: Managing post-Brexit trade relationships and economic adjustment
Structural Changes: Sectoral Evolution:
Services: Remained dominant (~80% of economy)
Manufacturing: Continued decline as % of GDP
Financial Services: Remained crucial despite Brexit concerns
Technology: Emerging as growth driver🌍 Global Position:
Maintained 6th position globally despite challenges
Relative decline compared to rapidly growing Asian economies
Per capita income remained among world’s highest
The UK economy has shown remarkable resilience through multiple crises while adapting to significant structural changes including Brexit and the shift toward a more service-oriented, technology-focused economy. I have 20 years to see the recovery so capital flight will continue
Some of us might admire who is thinking of living to 100! -ed.
