With the clock ticking and the UK exiting from the EU early next year the British are about to enter a largely unknown future. Some predict a positive and exciting future away from the controlling tentacles of Brussels whilst on the other side there are the doomsayers who are predicting an economic disaster with a dramatic drop in earnings and living standards.
The British have experienced periods of great uncertainty in the past. Back in the 1980s, under the leadership of the then Prime Minister Margaret Thatcher, major changes took place with a move away from an economy crippled by powerful unions. She invited the world’s great companies to settle in the UK for access to Europe’s huge market and from 1992 to the beginning of 2008 Britain enjoyed a golden period. Growth over 15 years was unbroken and relatively rapid averaging 2.6 per cent per annum.
During this period house prices rose from an average of £61,000 to £223,000. Additionally, the education budget rose by 68pc and the National Health budget more than doubled. After decades of being regarded as the sick economy of Europe the British people enjoyed modern fast trains and new roads and went on holiday to sunnier climates.
Unfortunately, this was not all good news for everyone as some were left behind in regions such as the North-East of England, the Midlands and the West of Scotland. They were left struggling as old industries such as shipbuilding, coal mining and steelmaking closed.
Move forward to 2018 the British are poised to begin another journey of change, only this time the selling point is not their linkage to Europe but the breaking of the umbilical cord to Europe. This will free the economy from Brussels’ clutches allowing Britain to determine their own future independent of the other 27 members of the EU. The last lady Prime Minister promised international businesses a successful future in a Britain linked to Europe and the current lady Prime Minister promises a successful future outside of Europe.
Time will tell if this lady will reap similar successes compared to the economic achievements in the golden period from 1992 to 2008 built upon the foundation laid by Margaret Thatcher. Is the Britain of today equipped for the new digital age? Are there the talented individuals and education system including our universities in place to meet the demands from the new global entities? Is Britain up there with the best when it comes to their investment in robots and artificial intelligence? Is our infrastructure up to the tasks at hand providing businesses with the roads, railways, airports and seaports that advantage business? Not noted for their productivity can the British show the world they have what it takes to be one of the most productive nations on the planet?
I do not have the answers to the questions above and I will leave it up to you to make up your own mind to judge if Britain is on a tipping point of rapid growth and success or on a path to a future filled with false promises and falling living standards.