French vs UK Economy – Similarities and Differences
Economics help blog
by Tejvan Pettinger
5d ago
France and the UK have a long shared history – at times rivals at times allies. Their economies have very similar levels of living standards – ranking 23rd and 24th in global GDP per capita. Yet there are also big differences on the attitude to work, pensions and housing. Not many people know, but since 2000, the French economy has been amongst the worst performing economy in the OECD. The UK has performed slightly better but only because of a burst of growth in the early 2000s. However, is GDP the best measure to compare? The French economic model is intrigingly different to the UK, with a gr ..read more
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Why are 11 Million Adults Out of Work in the UK?
Economics help blog
by Tejvan Pettinger
5d ago
In 1978, the Conservative Party hit on a fantastic election poster, Labour’s not working. Unemployment had recently hit 1.6 million or 5%. Ironically, a few years later unemployment would soon double to over 12% after the devastating early 1980s recession. But, what about 2024, is there a new epidemic of economic inactivity, people not working? Well in total, there are 10.5 million adults not working for various reasons.  This contrasts with 32 million adults in employment – so nearly one-quarter of the adult workforce. Why are so many people not working and does this explain the reason ..read more
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The Spectacular Decline of the UK Coal Industry
Economics help blog
by Tejvan Pettinger
5d ago
In 1984, Arthur Scargill passionately spoke to 140,000 miners to fight for their jobs, communities and livelihoods. Coal was the black gold which kept the country going. Coal miners were the working class heroes, with the capacity to bring down a government or fuel the engine of the economy. After descending a coal mine in Wigan, George Orwell was left in awe of the coal miner and noted how much civilisation was founded on coal. A few decades ago, that was true. But today, the British coal industry has all but collapsed. When England won the World Cup in 1966, coal provided more than half of ..read more
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Is US Economy Really doing better than the UK?
Economics help blog
by Tejvan Pettinger
1w ago
The US economy is booming. It was the fastest-growing economy in 2023 and will be the fastest in 2024. The World Bank claims the US is the world economic dynamo and the contrast between the UK and US is stark. Whilst the UK is stuck in economic stagnation, the US shows a different outcome is possible. Yet, with debt rising and savings falling is the US economy really as marvellous as it appears on the surface? But, first what can the UK learn from Bidenomics? Is US Economy Really doing better than the UK? A major reason for strong growth in the US is the most ambitious government interventi ..read more
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Why The UK Can’t Build
Economics help blog
by Tejvan Pettinger
2w ago
There was a time when Britain led the way in building. Britain built the first railway, the first iron bridge, the first underground system. Isambard Kingdom Brunel was voted the 2nd greatest Britain for his exploits, in transforming the country. But, if Brunel were alive today, would he find himself thwarted by red tape, NIMBY’s and austerity? Whether its reservoirs, housing or power stations, Britain has stopped building, and it is having a disastrous effect on the economy. Can anything be done to change the story? Britain was the first country to industrialise, it was also the first to in ..read more
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Risks Facing US economy in 2024
Economics help blog
by Tejvan Pettinger
2w ago
Defying predictions of recession and political turmoil, the US economy has grown noticeably faster than its competitors. Led by fiscal expansion and higher consumer spending, the US economy appears to be the global economic dynamo. Green subsidies led to a boom in construction investment and rising employment. Yet, despite the seemingly impressive GDP statistics, some economists warn of an economy running on embers, consumers debt is rising and net saving becoming negative as households burn through their pandemic savings. Is the economy finally heading for a hard landing or are there still ..read more
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Is UK Following Italy’s Economic Decline?
Economics help blog
by Tejvan Pettinger
3w ago
Around 2000, something remarkable happened to the Italian economy. It stopped growing and went into a 20 year long-decline. Even if you adjust for population, Italy’s performance was strikingly worse than its main competitors. If we look at productivity, Italy fell far behind. It has effectively lost two decades with real wages remaining virtually stagnant. Italy was an outlier. But, 10 years later and the UK seems to be embarking on a similar journey. Now real GDP in the UK has increased more than Italy since 2010, but 75% of the UK’s economic growth is due to a rising population. If we loo ..read more
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Is Italy’s Economic Decline Finally Being Reversed?
Economics help blog
by Tejvan Pettinger
1M ago
Since 2000, there was only one major economy which has seen a fall in real GDP per capita – Italy. In this period, Italy has experienced a shocking fall in productivity, rising debt, and prolonged economic turmoil. We are told the Italian economy is riven by cronyism, falling birth rates, and a regional divide. Yet, to many people’s surprise, one of the fastest growing economies since 2019 has been Italy. Is this rebound of economic growth the start of a new era for Italy or is it just papering over the long-term cracks?   There are three reasons for the recent higher growth in Italy ..read more
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Is the European Economy is Doing Better than the UK?
Economics help blog
by Tejvan Pettinger
1M ago
Compared to many major European economies, UK average wages are lower and this is before we take into account relatively higher housing costs and longer working hours for British workers.  In the past 15 years, the UK has seen pretty much stagnant real wages. If the pre-crisis trend had been maintained, real wages would be £11,000 a year higher.  Apart from Italy, relative to other European countries, UK wages have fallen behind, meaning on current trends, UK wages could slip behind more countries in the future. The UK Treasury like to point out that since 2010, UK real GDP compar ..read more
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Why Russian Economy Did Better Than Expected
Economics help blog
by Tejvan Pettinger
1M ago
Following the invasion of Ukraine in March 2022, the Western powers introduced unprecedented levels of sanctions, freezing $300bn of Russian assets, the Ruble collapsed, inflation rose, and the Russian economy headed into recession. It seemed the perfect storm to create deep economic problems. Yet, bolstered by support from China, the Russian economy has witnessed a stronger performance than many expected, real GDP has risen, inflation has fallen and the Ruble has recovered lost ground. How did Russia shrug off sanctions and the loss of lucrative western markets? And how sustainable is this ..read more
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