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Not So Merry Old England Has One Edge

Just back from the UK where government austerity programs akin to what the Republicans want to do here are not exactly bearing fruit what with a negative GDP registering last quarter. Pay to play operates there as well as the Prime Minister’s right hand man gets caught on camera offering suppers at 10 Downing Street in return for big campaign contributions. The Chancellor of the Exchequer carves out tax breaks for a big food chain with government access at the expense of Mom and Pops, and the PM gets caught up in damage control talking about the last meet pie he bought in a local shopping district bangers and mash store that hasn’t had a “pasty” place in more than five years.

By Jonathan D. Miller | Updated on April 02, 2012

 Just back from the UK where government austerity programs akin to what the Republicans want to do here are not exactly bearing fruit what with a negative GDP registering last quarter. Pay to play operates there as well as the Prime Minister’s right hand man gets caught on camera offering suppers at 10 Downing Street in return for big campaign contributions. The Chancellor of the Exchequer carves out tax breaks for a big food chain with government access at the expense of Mom and Pops, and the PM gets caught up in damage control talking about the last meet pie he bought in a local shopping district bangers and mash store that hasn’t had a “pasty” place in more than five years.

Sound familiar? Most college educated young people struggle to find work, and in real estate—the big gateway city London does better than anywhere else. The London-based financial institutions warn about regulations and reserve requirements that can make them uncompetitive against New York, just like the Wall Street bankers warn against regulations and reserve requirements that could make New York uncompetitive versus London.  It conveniently works to ensure that regulations and reserve requirements get watered down in both markets.

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