The Mudcat Café TM
Thread #162855   Message #3896077
Posted By: Keith A of Hertford
28-Dec-17 - 04:53 AM
Thread Name: BS: Post Brexit life in the UK
Subject: RE: BS: Post Brexit life in the UK
DMcG, here is a BBC piece on our economy in 2017.
Brexit is not mentioned once as a cause of any of our problems.

Here are some cherry picked extracts,

Opening paragraph,
"It was the year the UK stock market broke through a price barrier it set back in 1999. The unemployment rate reached lows not seen for 42 years as record numbers of people found themselves in work. "

" since the economic crisis of 2008 but in 2017 a new grievance was added to the decade-long austerity fatigue. After a two-year period in which pay rises narrowly exceeded negligible inflation, prices started rising faster than pay - meaning on average people were getting a little poorer every day.

The main reason behind stagnant pay was, as every economist in the land told us throughout 2017, poor productivity.
That is measured as the value of stuff made or services provided per worker, per hour. When it goes up, you can afford to pay workers more, their living standards improve and they pay a bit more tax for public services - everyone is happy. When productivity doesn't go up, none of those good things happens."

(One factor effecting productivity is that a pool of cheap labour discourages investment in automation)

"Let's end on a note of cheer. Thanks to the wealth destruction of the financial crisis, changes to UK tax policy lifting many lower earners out of income tax altogether and a higher national minimum wage, income inequality has actually declined in the UK in the past decade. "
http://www.bbc.co.uk/news/business-42399309