> Last week the governor of the Bank of England, Andrew Bailey, warned that Britons are likely to suffer a deeper and longer downturn than other major industrialised nations. He also said inflation would be more severe and persistent.
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> Unique to the British experience is Brexit, which has imposed extra costs and restrictions on exporters to the EU and limited the supply of skilled labour. And after 10 years of austerity, publicly funded organisations entered the pandemic in a weak position and are now in an even worse state as they grapple with the rocketing cost of living and a shortage of workers.
People voted to be poorer, now they’re going to get it.
2 comments
> Last week the governor of the Bank of England, Andrew Bailey, warned that Britons are likely to suffer a deeper and longer downturn than other major industrialised nations. He also said inflation would be more severe and persistent.
>
> Unique to the British experience is Brexit, which has imposed extra costs and restrictions on exporters to the EU and limited the supply of skilled labour. And after 10 years of austerity, publicly funded organisations entered the pandemic in a weak position and are now in an even worse state as they grapple with the rocketing cost of living and a shortage of workers.
People voted to be poorer, now they’re going to get it.