"For a decade and a half Britain enjoyed solid growth. The City of London was the world's biggest international finance centre.
Jobs grew on trees. Heavy spending on public services pulled up their quality a fair bit. Most Britons grew more tolerant of diversity (or maybe more indifferent to it). And there was a certain swagger on the world stage. Mr Brown, chancellor of the exchequer for ten years, preached the virtues of Anglo-Saxon capitalism to benighted folk in other lands. As prime minister, Tony Blair intervened militarily hither and yon.
So the shock was considerable when, in 2008, Britain slid into its worst recession since the 1930s, taking longer than other big countries to crawl out. Banks needed handouts. Factories closed. Now prospects for growth are wan and the budget deficit eye-wateringly large. Spending will be cut back and taxes are already rising. People are frightened about their economic future, and their children’s."
The Economist
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