The Crash To Come: Why Britain Can’t Cope with Another Economic Crisis
RISE – Scotland’s Left Alliance has published a detailed new report into the state of the British economy. With the current sharp focus on the contradictions and crisis of the British political elite, the reports is timely and sure to cause discussion across the landscape of the Holyrood elections.
The paper, written by Sheffield University economist Scott Lavery, analyses four areas of British economic ‘imbalance’ – a substantial current account deficit, growing levels of household debt, wage repression and high levels of inequality, and the over-concentration of economic activity in London and the South East – that render the UK particularly vulnerable to sudden global economic shocks. Commenting, Cat Boyd said:
“This report is the most thorough analysis of the UK economy any Scottish party is likely to publish in this election.
“With economic power concentrated in London and the South East, household debt levels fast approaching their pre-recession peak, long-term wage stagnation, and rampant inequality, Britain’s economy is the worst equipped of any in Europe to cope with the effects of another serious global downturn.
“George Osborne’s policies have made the situation worse, that’s why his ‘long-term economic plan’ just keeps on getting longer.”
Britain is clearly deeply unstable, but can an alternative be created north of the border drawing on fres economic and organisational models?
Read the report here: