The productivity gap between us and the G7 average has risen to 18% the largest since records began in 1990 (HERE). Worse, we are 36% behind Germany and 31% behind France, countries inside and apparently "shackled" by burdensome regulations. Figures are from 2014.
If there was one thing that summarised our problem it is this. If we were at the same level as Germany the UK would be 36% wealthier, adding about £700-800Bn to GDP and around £250Bn to government spending.
Let there be no mistake, this is not a problem created by the EU. It is our problem and one that we need to solve in or out. I am tempted to say that had we been nearer the German figure the result of the referendum might have been different. Spending on schools, hospitals, housing and infrastructure could have been much higher and perhaps this would have addresses some of the simmering resentment felt by communities with high immigrant numbers.
No comments:
Post a Comment