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Friday, 10 March 2017

Read it in the SUN

Today's Sun newspaper carries an article by Tom Newton Dunn, derived from official statistics and government statements and papers, which warns the reader to expect that there will be no material improvement of real incomes for British people in the next fifteen years. This assumes that there will be no disastrous new development, either.

Yet the downside risks for the ordinary citizen are immense. Mrs May's apparent espousal of rabid calls for a 'hard Brexit' will be incalculably damaging. She may be holding back the full exposition of her position, and she may be open to persuasion by those - including her Foreign Secretary - who usually know when to backtrack. But she seems to have headed the ship of state for the rocks.

The immediate past-Governor of the Bank of England has repeated the dangerous mantra that the EU needs Britain's ongoing trade more than we need Europe's exports to us: that may be true just now, but for how long will it remain so? The continental powers will be placing their bets on that question, as they consider the terms for a post-Brexit trade pact. Current attempts by Donald Trump's trade envoy to get European states to discuss bilateral deals with the US will get nowhere, while they may cause the twenty-seven continuing members of the EU to stick together more firmly

The picture for Britain - as Tom Newton Dunn has pointed out - is far more grim than any politicians have spelt out: even the leader and deputy leader of the Labour Party.

And every economic journalist - even the Guardian and Financial Times remoander liberals - has made absolutely clear the danger to jobs from new technologies that are in final stages of development. The range of threat, from artificial intelligence beating spivery on Wall Street through driverless lorries to fully automated sandwich shops and fish bars, will materialise throughout the economy well within the fifteen years during which a steady-as-you-go British economy would totter on with lower living standards and more austerity for all.

At every level, the media are doing their job: telling people how dire things are, how dire the politicians are, and how desperate is the potential political economy of the UK. These crucial facts will eventually get home with enough of the public for the threadbare political establishment to realise that they are at the end of their public acceptability - and there will be nowhere for them to hide. As for the rest of us; we must just hope for new sources of salvation\\; the old gang have totally blown it,


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