A comment piece in today's Times by a leading business economist points out that Britain's vaunted good performance in terms of economic statistics has very little substance. In particular, the balance of payments is becoming increasingly adverse as we import more and more cheap manufactured goods, most notably clothing which can be sold within the UK at a significant markup of the factory-gate price. The increasing sale of such items is the basis for the 'growth' that is so naively welcomed by politicians.
Mr King even mentions the fact that productivity in British domestic manufacturing - such of it as there is - remains disappointing; and he specifically uses the keyword 'productive' to distinguish the really desirable investment that is hardly happening.
I sincerely hope that his words will strike home with just a few people who will remember his wisdom when the inevitable reversal of the supposed good news becomes apparent.
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