After Brexit more trouble around the corner

[megilleland]

Robert Reich was US Secretary of Labor in the Clinton administration. Time Magazine named him one of the ten most effective cabinet secretaries of the twentieth century. He has been raising concerns about the direction we are heading and what he says, is now also happening here in the UK. 

 

[megilleland]

In The Daily Express today:

Under Dr Carney's doomsday scenario the pound would crash, inflation would soar and house prices would fall by 30 percent. The UK's GDP would nosedive for at least five years, crippling finances and triggering a worse recession than the 2008 crisis. In a chilling intervention, Dr Carney warned the Bank's job was not to "hope for the best but prepare for the worst". 

[megilleland]

Robert Reich spoke about this problem last year in this lecture. When he refers to USA just replace it with UK.

[megilleland]

The Guardian 26th November 2018

UK has weakest wage growth in advanced G20 nations, says ILO

(extract)

Britain ranks bottom in group of nine wealthy countries for pay performance since 2009

Workers in Britain have seen the weakest real wage growth among the most advanced nations in the G20, according to United Nations data revealing the scale of the damage in the UK’s “lost decade” for pay.

According to the UN’s International Labour Organization, Britain ranked bottom from a group of nine wealthy nations for its pay performance since 2009, after the financial crisis hit.

Suffering a loss in real wage growth - which strips out the effect of inflation – of about 5% between 2008 and 2017, the UK ranked slightly worse than Italy and far behind other major G20 nations such as the US and Germany. South Korea saw the strongest real wage growth at 15%.

Exactly what Robert Reich says.