Brexit lies behind London’s decline

With the satisfaction of someone who achieved a historic goal, on August 15, the 75th anniversary of independence, from the Red Fort in Old Delhi, Narendra Modi declared that India had become the fifth world economic power. As an absolute statistic, not per capita GDP.
But, declared the Prime Minister, the most important thing is that India has overcome it
Great Britain.
There is no public demonstration in which Modi does not remember leaving the former colonial power behind in terms of economic growth and political stability. The relationship between India and Britain is unique, a love-hate affair depending on the occasion. But for what was considered a very poor “crown jewel” to be passed over would have to be a humiliation to who was, in Edward Elgar’s triumphant career, “the land of hope and glory, the mother of liberty”.

Italian scene

However, the historical humiliation is largely dominated by that which the current news deplores. “The British economy is now like Italy and Greece in terms of investor risk, and politicians have not been honest about the problems facing the nation,” wrote the conservative Daily Mail, quoting the former Bank of England governor.

Seven million households are unable to support heating their homes. They were asked to spend an extra 14 billion pounds which the government would have to find hard to find. Even in regard to the length of governments, Great Britain is similar to Italy. From the June 2016 Brexit referendum to today, there have been four Conservative prime ministers: David Cameron, Theresa May, Boris Johnson and Liz Truss.

Possible meteorite gear

The leadership of the latter risks becoming one of the shortest in the history of the British monarchy. Modi will have to be doubly satisfied: One possible candidate for a quick succession to Truss is Rishi Sunak, Johnson’s former finance secretary, the son of Indian immigrants. Kwasi Quarting, his successor, who was sacked a month after being appointed by the prime minister, is the son of immigrants from Ghana. We are talking about Tory politicians, not Labor. In this at least Great Britain is still better than Italy: another generation must pass before the son of an immigrant is in the political and economic summits of our country.

The similarities and differences with Italy are numerous. In the Western tradition, the left spends public money made by the right with fiscal rigor. Both British and Italian conservatives today tend to ignore the financial difficulties in both countries. The mini-budget that she wanted to give to the rich to take from the poor as not even Margaret Thatcher had the courage to do is perhaps without precedent in the history of Conservative ministers in the Treasury. In the internal election campaign for the party’s leadership, Rishi Sunak opposed the self-destructive growth model proposed by Liz Truss.

Maggie Benson

"Bacon trailblazer. Certified coffee maven. Zombie lover. Tv specialist. Freelance communicator."

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