economy
How Britain Became as Poor as Mississippi
Who broke Britain? Someone—or something—must have. The past 18 years, enough time for a whole lost generation to be born and brought up, have yielded nothing but stagnation and mass disillusionment. In 2007, before the global financial crisis, Britain was at its postimperial zenith. Median household income had just surpassed that of Germany. A pound was worth more than $2, and London was arguably displacing New York as the center of international banking.
TL;DR
- Britain has undergone 18 years of stagnation and mass disillusionment.
- In 2007, before the global financial crisis, Britain was considered at its post-imperial zenith.
- Median household income in Britain had surpassed that of Germany in 2007.
- The pound was worth more than $2 in 2007.
- London was seen as potentially displacing New York as the center of international banking in 2007.