“Britain’s economic performance since the financial crisis struck has been startlingly bad. A tentative recovery began in 2009, but it stalled in 2010. Although growth resumed in 2013, real income per capita is only now reaching its level on the eve of the crisis — which means that Britain has had a much worse track record since 2007 than it had during the Great Depression.
“Yet as Britain prepares to go to the polls, the leaders of the coalition government that has ruled the country since 2010 are posing as the guardians of prosperity, the people who really know how to run the economy. And they are, by and large, getting away with it.” --Paul Krugman
Yes and Cam is pushing the awful Trans Atlantic Free Trade Treaty (TAFTA) which will result in further immiseration for Britain and its workers although it will allow growth in non-wage sectors. In other words, Barclays will make more and unemployment will rise as wealth becomes even further stratified. Krugman is not as anti free trade as Cambridge Don Ha Joon Chang because he still believes a bit of the neoliberal Kool Aide business about global incomes rising. So no one is surprised the UK has Depression ers growth (contraction) the real question is how low can we go?
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