re posted from EIR DAILY ALERT SERVICE
British Economy Seen in ‘Biggest Crisis In 300 Years’
Nov. 26 (EIRNS)—In his budget speech delivered in London yesterday, Britain’s Chancellor of the Exchequer Rishi Sunak said the country faced an “economic emergency” which “has only just begun” and will last for several years to come. Extra spending caused by the pandemic and the related furlough for the economy (shutdown) which would last into next March at least, will be £394 billion this fiscal year and not get below £100 billion in the next five years. Sunak called this the “biggest economic crisis in 300 years.”
Compared to the way his fellow treasury and finance ministers on the Continent downplay the crisis, Sunak’s words were quite dramatic, and certainly the situation in the United Kingdom is worse in many ways than on the Continent. The core of the present crisis is not the pandemic, however, but the financial collapse since 2008 and the inability of the so-called elites to think beyond the old paradigm to steer the economies out of the disaster. This is the same problem in the United Kingdom and on the Continent.
Source: EIR Daily Alert Service