[Re: Britain’s economy is finally recovering – enjoy it while it lasts, Thursday]
I agree with most of this article, but must admit to being gloomier in the long run. Fuel will be cheaper, not cheap. New technology will put more people out of work than it employs (if we fail to liberalise areas of our economy that make self-employment or entrepreneurialism difficult). Demands on healthcare, welfare and pensions are growing, and will only get worse without reform. Quite frankly, our system isn’t working. Yes, limiting house price inflation should be the priority, but there is much more to do.
The challenge is changing attitudes to make economic growth through productivity-improving technology possible. It’s fine to hope self-driving cars will revolutionise how we work and live, but how will they become feasible if we’re terrified that they might crash so regulate them to death? Yes, shale has huge potential for future energy security and lower manufacturing costs, but we won’t find out whether this is true if we don’t allow even one well to be drilled. Smart housing design could make building more sustainable and cheaper, but how will we know if restrictive planning law makes it difficult to test?
BEST OF TWITTER
The government may be hacking our data, but at least it'll keep us safe. It will keep us safe, won’t it?
Why Germany fears Brexit (think hugely reduced ability to block harmful trade tariffs).
EU on the brink of trade war with China. Norway and Switzerland signing free trade agreements. Go figure.
Exports to China hit £1bn a month for first time. Slowly but surely our economy is rebalancing.