This is a brilliant, must-read article from the FT. Check it out!
I’m old enough to remember the seventies when the union brought the UK to its knees. When I traveled to Germany colleagues made jokes about UK productivity and strikes.
Another time, I was sitting next to a Swiss lady on a plane and by way of introduction said that I was English. She said, ‘You poor thing! How can you live with all those strikes?’
Now it’s Germany’s turn. Germany will need to start looking to domestic austerity to retain competitiveness. Germany’s economy is desperately unbalanced and dependent on exports, with other sectors weak and uncompetitive, like services for example.
Meanwhile, the UK should not get too excited. Productivity is chronically weak. Also there’s an unhealthy dependence on financial services.
Let me ask an open question.
Is Thatcherism coming to Germany soon?