In the hundred years from 1914 to 2014, the century since the outbreak of the first world war, the UK will have declined from pre-eminent global superpower to developing country, or \”emerging market\”.
A tad of hyperbole there perhaps?
The symptoms of this vertiginous plunge in the world\’s rankings
Note the really important thing. In our \”plunge\” from relative number 1 to whatever it is today, number 6 or number 15, whatever, what has actually happened to the lifestyles of the citizenry?
Depends partly on who you believe but at the low end real incomes have increased by 8 times over that century and if we take account of hedonic improvements by anything from 20-100 times.
That\’s the sort of vertiginous plunge that sounds like a pretty good bargain to me actually.
Since the start of the crisis, the UK has borrowed more in seven years than in all its previous history.
What? Sirsly? An economics editor is using unadjusted nominal numbers to compare across time? Dear Lord, someone take away his economist\’s secret decoder ring.
\”and the annual allocation of places at state schools has disclosed such an enormous shortage that the authorities have resorted to lotteries and other forms of rationing,\”
Hang on a minute: this is becoming positively Pilgeresque. There is no shortage of places at state schools. The lottery is entirely to stop the middle classes colonising the desirable state schools. The system as a whole offers sufficient places for the number of children in the country. Lotteries are to stop people exercising a choice within the system, not to limit access to the system as a whole.
Barking, the whole thing.