The debt that killed the UK economy
Back in April, Dr Oliver Marc Hartwich from the Centre for Independent Studies wrote an article in Fairfax on the worrying parallels between the UK and Australian economies and housing markets.
The current mood in Australia triggers eerie memories for me. I feel as if I have experienced this scenario before – not in Australia but in Britain.
I moved to London in 2004. The ”cool Britannia” euphoria had ebbed away during the Iraq War but, at least domestically, the country was still at ease with itself. Gordon Brown, the Chancellor, celebrated prudence as the guiding principle behind his fiscal policy. The City of London was rivalling New York as the world’s financial capital, and the British housing market was booming…
Britain was going through the longest period of growth in its history. However, the more I looked behind the facade of the growth phenomenon the more unreal it all looked…
Read more at The Unconventional Economist
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