This is so important in understanding the poor quality of UK homes, the stagnation of the UK economy over the last 12 years of low interest rates, and the failures of policy leading to the #Brexit disaster for national psyche.
https://twitter.com/asentance/status/1630204809285455875
Such a period 2010-2023 of near-zero interest rates clearly leads to over-investment in *monetary/financial assets” such as second-hand housing, and new forms of money, such as crypto. Real investment in the meantime languishes because of poor expectations of real growth.
And expectations of real growth in UK GDP, well-being, welfare, what you like, health, & education, all weaken. #NetZero policies & measures were too weak, badly planned, or abandoned.
This has led to today’s deplorable circumstances of the Russian war leading to energy-price massive volatility, which then acerbates the effects of #Brexit, Covid, and years of damaging incompetent, economic policymaking.
Our #CostofLivingCrisis needs radical new policies for its short-term resolution, hence our Conference @CTNTE next Wednesday 8 March in Downing College, Cambridge. The @sunak govt follows a succession of weak & smug PMs culminating in the @truss @kwateng debacle of end 2022.
Other nations look on in amazement & shock as the UK declines into division & acrimony. All economists, except for the charlatans/shills of the extreme right & left, are agog at the living evidence of unhinged policy making, on the hoof, irrespective of damages likely to be done.
This has been an unprecedented period of economic chaos for the UK.
The period of government malfeasance, incompetence, & corruption will *never be forgotten & never be forgiven* by many of my fellow UK citizens, which have had their families broken by #Brexit or heartbroken by Covid policy corruption. Every day brings new appalling revelations.
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