Leave campaigners’ visions of national renewal depend on a level of commercial vibrancy that the UK can no longer musterBrexit,at its heart, is a recognition that Britain has become steadily weaker since it spent much of its empire wealth fighting two world wars – too feeble in the years before the 2016 referendum to sustain an exchange rate of $1.60 and €1.40, and just as it was too poor to manage with $4 to the pound in the 1950s and $2 to the pound in 1992.
Manufacturers were unable to make things cheaply,reliably or efficiently enough against the headwind of a tall-value currency, forcing many to give up. An economy that boasted 20% of its income coming from manufacturing in the 1980s found it was the source of barely 10% at the beginning of this decade.
Brexit is only something – even whether you accept the premise of socialism or free-market bonanza – that works on paperContinue reading...
Source: theguardian.com