Television: Tim Harford investigates the reasons why Britain’s economy is in dire straits but many of these systemic flaws are equally relevant to Irelandhas the unusual job title of “undercover economist”. But he’s out in the open throughout the riveting and grim Skint: The Truth About Britain’s Broken Economy , reporting from the frontline of a country facing into a potentially historic general election on July 4th.
“If you bring forward schemes of a reasonably moderate scale, you’re pushing a rock up a hill,” a legal expert tells Harford. “International investors look at the British planning system with a mix of curiosity and horror. The extent of discretionary scope afforded to decision makers ... leads to appeals where lawyers get involved.
In certain aspects, Britain is unique. Because much of Ireland had no industry to speak of in the first place, it didn’t suffer from the generation-defining post-industrial shocks that devastated the UK in the 1970s and 1980s. And then there’s the folly of leaving the EU. “Brexit is still a huge issue,” says an executive at Brompton Bikes. “We used to be able to get a to customers in Europe in 48 hours. Now it sometimes takes weeks.
This has had a knock-on effect on living standards. For much of the 20th century, incomes in the UK doubled every 33 years. But growth has slowed sharply since the financial crisis of 2007 and 2008 and the austerity politics that followed. “Incomes aren’t doubling every 33 years, says Harford. “They’re taking more than 180 years to double.”
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