Thursday, July 27, 2006
Worried about the day of reckoning?
Why am I so optimistic? There are two broad reasons. First, the long-term structural underpinnings of the British economic miracle that began in the mid-1990s are still mostly in place. And while everyone recognises some of these structural advantages — the deregulation and privatisation of the Thatcher period and the monetary policy framework created by Mr Brown — the most important one is still not fully appreciated by the business community, the media and the financial markets. This underappreciated strength is Britain’s comparative advantage in finance and business services