UK`s economic problems not only caused by Brexit

George Eaton`s otherwise excellent appraisal of the damage being done to the UK`s economy by Brexit failed to be sufficiently critical of coalition and successive Tory governments` policies (The new sick man of Europe, 27th October, 2017). Are we really expected to believe that, without Brexit, this Tory government would be delivering "transformative economic policy"? There is absolutely no evidence to support this; an apparently "new industrial strategy" as well as policies on corporate governance were watered down to the ineffective measures they now are by right wingers in the cabinet, lobbyists outside it, and a general Tory fear of upsetting party donors.

      Eaton was right to stress how the UK is "too unbalanced, too unproductive, and too unequal", but he fails to mention the role played by recent Tory governments in creating this situation. Tax cuts for the rich, lack of investment in infrastructure outside the south-east, and a minimum wage which is both too low, and too lightly enforced, are only three of the factors causing economic problems, long before the Brexit vote. With British businesses dominated by short-termism, with pay for managers and CEOs determined by annual profit levels, leading to a tendency to rely on cheap labour rather than investment in new technology and training, and low productivity the inevitable result, a government willing to legislate to enforce change is needed. 

       At least, last week`s Leader column appeared to suggest that the intensification of "strife and stress" faced by low earners, caused by the government`s callous Universal Credit system, proves May`s pledges about the "just managing" were nothing more than rhetoric (A universal failure, 27th October, 2017). Now is surely the time to support the policies of Corbyn and McDonnell.