Is Britain depressed?
Something very strange is happening in Britain at the moment. Look at the economy. Things aren’t really too bad: for a start it’s actually growing, if only a little. At the same time, inflation is falling. Real incomes are on the rise too – with earnings going up 4.4 per cent in the year to October, while inflation was 3.6 per cent. Meanwhile unemployment is at 5.1 per cent, which isn’t terrible. The government is raking in the sorts of taxes that would make the Sheriff of Nottingham weep with joy; and yet our taxes as a percentage of GDP are still only a hair above the OECD average – so, in other words, we are