- Aug 6, 2012
- 27,889
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This is inevitable. Like Canada, many of the systemic issues are the same and were there before the pandemic. They aren't a dynamic, innovative economy anymore, choosing instead to be a money hub in London, while not actually developing and being industry leaders as they once were. Furthermore, they lack robot and automation, instead, likening to Canada; preferring a nepotistic economy rather than an innovative one which harnesses brain power and resources.
It's what some want for USA again. Wall Street will do well, as will China, everyone else will falter and jobs will be exported, even those in A.I and high tech, though they don't know it yet. So, the lesson for America is, "don't become like the UK or Canada". Innovative, lead and protect against theft from foreign enemies. Then find honest trade with like-minded nations and compete for consumer and business products.
U.K. Economy Shrinks by More Than Any Other Rich Country
LONDON—The U.K. recorded a steeper second-quarter contraction than its peers, a performance that means it suffered the worst economic hit from the coronavirus in Europe as well as reporting the highest death toll.
The economy is already recovering as restrictions on daily life ease and workers trickle back to factories and offices, recent data show, but Bank of England officials have warned that it could take until the end of 2021 to regain the ground lost during the pandemic.
U.K. gross domestic product shrank 20.4% in the second quarter, equivalent to an annualized rate of 59.8%, the country’s statistics agency said Wednesday. Over the same period, the U.S. and Germany lost around 10% of their output, with Italy losing 12%, France 14% and Spain 19%.
“It’s been a rough few months,” said Richard Swart, global sales and quality director at Berger Global, a Durham, England-based unit of Germany’s Ringmetall AG that manufactures rings used to seal container drums. Sales in May and June fell between 20% and 40% depending on the industry being supplied
It's what some want for USA again. Wall Street will do well, as will China, everyone else will falter and jobs will be exported, even those in A.I and high tech, though they don't know it yet. So, the lesson for America is, "don't become like the UK or Canada". Innovative, lead and protect against theft from foreign enemies. Then find honest trade with like-minded nations and compete for consumer and business products.
U.K. Economy Shrinks by More Than Any Other Rich Country
LONDON—The U.K. recorded a steeper second-quarter contraction than its peers, a performance that means it suffered the worst economic hit from the coronavirus in Europe as well as reporting the highest death toll.
The economy is already recovering as restrictions on daily life ease and workers trickle back to factories and offices, recent data show, but Bank of England officials have warned that it could take until the end of 2021 to regain the ground lost during the pandemic.
U.K. gross domestic product shrank 20.4% in the second quarter, equivalent to an annualized rate of 59.8%, the country’s statistics agency said Wednesday. Over the same period, the U.S. and Germany lost around 10% of their output, with Italy losing 12%, France 14% and Spain 19%.
“It’s been a rough few months,” said Richard Swart, global sales and quality director at Berger Global, a Durham, England-based unit of Germany’s Ringmetall AG that manufactures rings used to seal container drums. Sales in May and June fell between 20% and 40% depending on the industry being supplied
