Bri­tain

Forbes - - Contents // -

Prime Min­is­ter Theresa May, who took of­fice in Great Bri­tain in the af­ter­math of June’s Brexit vote, is no Obama-es­que so­cial­ist. But she’s pur­su­ing poli­cies that will af­flict her coun­try with the kind of eco­nomic stag­na­tion that’s plagu­ing so much of the rest of the world.

Be­fore Brexit Bri­tain’s eco­nomic per­for­mance had been some­thing of a happy out­lier, thanks to tax cuts, a vig­or­ous par­ing back of govern­ment bu­reau­crats and a mone­tary pol­icy that was less anti­growth than that of any other ma­jor cen­tral bank.

Now the PM seems ready to toss all of that away with a binge of govern­ment spend­ing, more reg­u­la­tion and—be­wil­der­ingly, for a coun­try so de­pen­dent on trade and skilled for­eign work­ers—a mind­lessly re­stric­tive im­mi­gra­tion pol­icy. These self-in­flicted wounds will over­whelm the Bank of Eng­land’s re­cent en­cour­ag­ing moves to en­able banks to do more lend­ing to busi­nesses, which would gen­er­ate more eco­nomic growth.

The small­ness of al­most all of to­day’s global lead­ers’ think­ing is as­ton­ish­ing— and dan­ger­ous. 100 West Hous­ton St., be­tween Thompson St. and La­guardia Pl. (Tel.: 212-254-7000) 1479 York Ave., be­tween 78th and 79th streets (Tel.: 646-964-4918) 323 West Broad­way, be­tween Grand and Canal streets (Tel.: 646-964-4641)

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