Much of that wealth is wasted by excess government spending. Same pattern as India, which actually used to be ruled by the UK as a colony - then they became independent but kept all the excess bureaucracy and red tape from their former oppressors.
replyI didn't say otherwise. It generates more wealth now than in the past and that is still far from sufficient for its government to afford its current levels of welfare spending.
replyYou did imply it, that in the past the same welfare was affordable that now no longer is, because its economy apparently doesn't generate enough wealth.
replyThe UK doesn't have the same welfare as in the past. It's gives out vastly more money for more reasons than it did when the system was new, and it has a far greater proportion of the population receiving it.
replyAlso, the UK's economy stopped growing in 2008.
My family household generates more wealth per capita than any time in it's history, but yet net savings is down. Do you know why? We spend it all on junk that we thin we'll make us happy but actually we become dependent on it.
reply