There was a throwaway line the other day from an important figure in the global financial world about the state of the UK economy that I thought should be front page news. But, in fact, it hardly got a mention. I presume our media was too ashamed to carry it.
This chap, Indermt Gill, chief economist of the World Bank, said Britain used to look most like America, but thanks to huge government spending and massive taxation we now look like France. How awful.
And, as the Telegraph’s Matthew Lynn, points out, at least France gets results from their sprawling state, while our potholes are so large the motorist is never too sure if they are an extension to the Jubilee line.
This is what Gill said: “The country that used to be most like the United States in all Europe was the UK. And you guys decided to go and become a lot more like continental Europe. You look a lot like France, not like the US.’’
Has there ever been a bigger insult to a proud Briton than to see we are shadowing the French?
So here are the numbers. State spending in France is 58%. Public spending in the UK rose from 39% in 2019 to 50% during the pandemic, slipping back to 44%. Expect that number to go through the roof when Starmer takes the reins.
There is no way that Starmer can do anything without raising taxes and public expenditure. Of course around 50% are delighted with that idea as they don’t pay income tax. We have become a nation of grifters.
While France is forecast to expand by 0.7% this year, we…
