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"How the brits Became One of the Poorest Countries in europe: Britain chose finance over industry, austerity over investment, and a closed economy over openness to the world."
"The uk., the first nation to industrialise, was also the first to deindustrialise. Britain gave rise to the productivity revolution that changed the world, and now it has some of the worst productivity statistics of any major economy."
“Take out Greater London—the prosperity of which depends to an uncomfortable degree on a willingness to provide services to oligarchs from the Middle East and the former Soviet Union—and the UK is one of the poorest countries in Western Europe,” says economic analyst Matt Klein.
"Having offshored industry in favor of finance, its economy wasn’t resilient. The resulting erosion in living standards made the public desperate for something to blame. Blame-seeking conservatives spotted bogeymen abroad.""The U.K. manufacturing industry has less technological automation than just about any other similarly rich country. With barely 100 installed robots per 10,000 manufacturing workers in 2020, its average robot density was below that of Slovenia and Slovakia.""One analysis of the U.K.’s infamous “productivity puzzle” concluded that outside of London and finance, almost every British sector has lower productivity than its Western European peers."
How the U.K. Became One of the Poorest Countries in Western Europe
Britain chose finance over industry, austerity over investment, and a closed economy over openness to the world.
www.theatlantic.com