Why Britain is so poor – and will get poorer
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The Chancellor is grappling with the ramifications of a war in the Middle East which has created an inflationary spike and fuel shortages. The political class are anxiously watching economic graphs. There are three words that keep popping up in Whitehall, parliament and the newspapers. Not “cost of living”. The three words are “balance of payments”. The year, you can already guess, is 1976. The embattled Chancellor is not Rachel Reeves, but Denis Healey. A cap, a hand, and the rest is history.
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