Quote of the Day - Britain (04/18/2024)
“These observations are surely right, but I worry that they obscure two basic truths about Britain’s experience since 2010. The first is that the country has suffered grievously. These have been years of loss and waste. The U.K. has yet to recover from the financial crisis that began in 2008. According to one estimate, the average worker is now fourteen thousand pounds worse off per year than if earnings had continued to rise at pre-crisis rates—it is the worst period for wage growth since the Napoleonic Wars. “Nobody who’s alive and working in the British economy today has ever seen anything like this,” Torsten Bell, the chief executive of the Resolution Foundation, which published the analysis, told the BBC last year. “This is what failure looks like.””
- Sam Knight, “What Have Fourteen Years of Conservative Rule Done to Britain?”