The Tories increased public spending, debt and taxes to record levels… they were also a ‘tax and spend’ party from 2016 onwards.
To be fair a lot was initially around brexit and then huge armours around Covid, which all sides supported but large sums wasted. The state has grown and now nobody has the political will to shrink it again. Any attempts to get spending under control there’s cries of austerity. Throw in an aging demographic, rampant inflation due to Ukraine war/post Covid, increasing numbers claiming welfare and low productivity, in particular in public sector (not meaning to trigger anyone but that’s what the data and huge amounts of anecdotal evidence says) and people ask where’s the money going
As a country we’re an aging, inefficient, badly run mess at the moment. That includes swathes of the private sector which over the past 15-20 years hasn’t invested in improving productivity and just operated off cheap labour and paying dividends rather than reinvesting and improving efficiency
We* all got by with cheap money/QE for a long time but now rates have gone up and it’s payback nobody wants to pick up the bill
Rant over. Happy Thursday all
*inc a lot of the developed western nations, plus China, Japan etc
Edit - that’s not supposed to sound as depressing as it cones across by the way, it’s just that there’s a large number of issues at play here
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