Thatcher reversed the feeling by selling off the nation to rentiers and foreigners in the 80s, we rode that money in the 90s, and the wheels came off in 2008.
Every inch of our economy is now owned by some faceless fund. All serious capital generated in the country is extracted out into the pockets of fund managers and Californian pensioners.
We're screwed until we can stem the outflow. I always thought taxing money leaving the country might be interesting way to approach the problem.
https://yougov.co.uk/politics/articles/52410-nine-years-afte...
I don't know where you're getting this information, but it's in stark contrast to all of the statistics I've ever seen on the matter.
https://yougov.co.uk/politics/articles/51484-how-do-britons-...
Even Nigel Farage has called it a disaster.
https://www.independent.co.uk/news/uk/politics/brexit-leave-...
Are you sure you replied to the right comment? Where have they claimed that?
> taxing money leaving the country might be interesting way to approach the problem.
This would end very poorly because what the U.K. sorely needs is investment (to create new productive capacity). For example, Americans invested huge sums in North Sea oil and created an entire industry (before we destroyed it). Conversely, if you force people to keep wealth in the country then you just make things more expensive: they will bid up the price of property and the like. Nothing is added to the UK’s real economy by increasing the number of pounds flowing around in it - it’s only helpful if it’s invested. So what you actually want is tax breaks for foreign investment, but with some kind of ownership cap.
Here's some Farage quotes, so you can see that there is no contradiction between the comment you were replying to (him saying it was a disaster is compatible with all this) and him still being a leaver:
“I don’t think that for a moment,” Mr Farage replied when he was asked if the UK would have been better off staying in the EU, the world’s largest single market area. “But what I do think is we haven’t actually benefitted from Brexit economically, what we could have done.”
“I mean, what Brexit’s proved, I’m afraid, is that our politicians are about as useless as the commissioners in Brussels were,” he added. “We’ve mismanaged this totally, and if you look at simple things…such as takeovers, such as corporation tax, we are driving business away from our country.
“Arguably, now we’re back in control, we’re regulating our own businesses even more than they were as EU members. Brexit has failed.”
There's been enough in the way of tax breaks and "derisking". A huge part of the problem with our public finances is being on the hook for some very ill-advised "investments".
The money going out exceeds the money going in, because that's what an investment is. An opportunity to make money.
What the UK desperately needs is actual shareholder capital actually being invested into British companies, so that they can create new wealth. They are welcome to take a share of the wealth they create! Everybody wins!
Even China with extreme capital controls and pervasive surveillance can't stop money leaving the country. Unless the UK was willing to go fully authoritarian and ban its citizens from spending money overseas, and ban crypto (and build all the internet firewall/DPI infrastructure that doing so would require), it wouldn't stand a chance. And attempting to do so would destroy the value of the pound, because nobody with any options would want to hold a currency that could only be spent in the UK.
The same thing is true in Sweden. People vote for the party that blames the immigrants and then goes on to rule with the liberal conservative part. They all know that during the time they claim is the downfall of Sweden, we have more than one third of state tax income and had the worst privatisation of schools worldwide, . Yet the problems with schools and healthcare is immigration.
Demagogues are what they are.
What I see is every national asset, every successful company, and increasingly land and housing sold to (typically overseas) capital, with the proceeds sucked offshore.
Whether it's new housing in London, ARM, the water, the electricity, most products and most supermarkets: the beneficial owner is outside the country, being largely taxed outside the country, and spending their money outside the country.
We're discussing this in the context of a deeply dysfunctional Britain. If the "wealth creation" route were in any way effective, we'd be in a very different place right now. There's been concensus among pretty much every party in my lifetime around supporting "growth", "investment", number go up. It's clearly not working for most of us. Everyone but a select few in this country is living on the edge.
I personally see a major component of our malaise as the rentierism practiced by largely foreign interests throughout our economy. Alternative explanations are welcome, but it's hard to see how we'd be worse off without the vampire squid up each and every orifice.
Capital controls. By the time they are applied it's always too little, too late, and they only ever apply to the plebs -- the wealthy always have ways to move money out (and back in, later -much later-, if it becomes necessary or advantageous). Always too little too late because -I suspect- capital controls don't really work -- not against the wealthy.
> There's been consensus among pretty much every party in my lifetime around supporting "growth", "investment", number go up.
Yes most U.K. governments have talked about fine talk but other than Thatcher, failed to actually deliver on securing enough investment. It’s not that the investments are bad, it’s that they have been decreasing for 25 years:
https://www.economicsobservatory.com/boosting-productivity-w...
It’s funny that you mention ARM because it was created under Thatcher back when the U.K. was willing to start businesses. Yes it should never have been sold.
All of the currently-rich nations had a multi-generational baby boom*, long enough for their systems to assume and become dependent on that population growth.
* babies being the most extreme example of "influx of illiterate people, totally dependent on government handouts", though people only objected to them in the UK when I was a kid when it was single mothers producing them
Families started to have fewer kids, but the systems still presumed and needed more people to avoid stagnation. Japan chose stagnation instead of welcoming as many immigrants as it needed, and "the lost decade" became a plural: https://en.wikipedia.org/wiki/Lost_Decades
> Healthcare and insurance, literally everything is pricing the middle class out of existence.
I assume from this that you're American? That's basically just America that has this problem. Healthcare and health insurance is fine in most other developed (and developing) nations, even e.g. here in Germany in those few years where it took on around a million asylum seekers.
IMO, many of the UK politicians themselves don't realise how out of touch they are, both with the people and with the systematic reality of the world in which they exist. (Thinking back to David Davis on Brexit, saying they had a good idea what Czechoslovakia wanted from negotiations, despite it having ceased to exist in 1992).
The school results are worse. Even here the claim is that it is the immigrants' fault. The privatisation of the school system in sweden has led to increased segregation of the school system. Private schools can be found in areas where they get "easy students". Yet they fail to deliver any better results than public schools. Which is amazingly dumb. The state pays private schools (they are open for anyone and have no tuition fees). The schools can then let less money go to tuition and more to the share holders/owners, while being able to claim that they are just as good as schools with all the tough students. By all measurements they should be much better. It is such an enormous failure.
And who do we blame? Immigrants.
And social mobility is going downwards. Not nearly as low in the US, but I want to think that we at least still believe in the value of hard work.