Thread by @SAH16928046

The economic growth of the Blair-Brown duo years preceded the trend rate of the past.
The UK economy was largely in equilibrium, the Pound was stable and markets stabilized, avoided the trappings of boom-bust cycles, and the minimum wage helped reduce income inequality a little.

The problem which economists at that time overlooked was that #Brown, who was the architect of the #UK's economic mirage, was based on the "soft touch" approach to financial risk regulation and supervision.
That backfired!!
GFC typified how wrong growth models hurt.

Putting people on state benefits, increasing the cost of hiring, and using bespoke welfare systems to discourage risk-taking and entrepreneurship drives only masked the epistemic issues the British People were silently gesticulating about between 1997-2003.
Brexit ventilated.

After North Sea Fossil Fuel discoveries, the only hope that the UK is left with is #Fracking
There is wealth underground which needs to rise to the surface
Large reserves of unexplored shale gas and other energy derivatives, can create growth and improve UK's resilience to shocks

The UK Financial Services Industry might not be able to create copious amounts of wealth in the Post-Brexit Years.
London aka "Citi" will see a mass migration of financial institutions to the continent.
The Economic Geography of the EU will see tectonic pivots affecting growth.