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)