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. But since then, Britain has been left behind. The country's output per person is now only just above that of Mississippi, America's poorest state'and that slight lead is only achieved thanks to London. Outside the capital, in places where tourists do not visit, living standards fall well below Mississippi's. Brits visiting the United States find that their currency has depreciated to the point where the pound today buys only about $1.35. British wages have lagged well behind those in the U.S., and also those in Germany, France, the...
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