We can debate endlessly whether it was the fault of unreasonable unions, incompetent management or inadequate government - but the UK failed where Germany thrived.
We live in a country where both workers and management often expect rewards while doing the bare minimum. When a pushy boss emerges to boost profit, they sometimes end up exploiting workers, cutting quality or taking unfair advantage of customers instead of improving the actual product or service. But we’re in a global race, and that leaves no room for complacency. Other nations were eager for a share of Britain's wealth.
How many people truly take pride in doing their jobs well?
Voting for Brexit was never going to restore prosperity or take Britain back to the 1960s. It was a fanciful idea. Let’s be honest: very few people dream of working manual factory jobs. And even if someone were to open a factory today, workers might soon feel exploited, whether or not it’s true. That creates a toxic environment. Perhaps that’s why there’s little backlash when UK factories are owned by foreign corporations. A British owner, by contrast, might be vilified, just look at how Dyson has been portrayed in the media. As a country, we resent rich people.
The UK tax system is hostile to entrepreneurs. It favours large global corporations, while burdens like inheritance tax discourage investment. Instead of building businesses, the wealthy often park their money in farmland to avoid tax, resources that could otherwise create jobs and economic value. Yes, inequality can be uncomfortable. And yes, some people flaunt wealth, but many of them go bust. However, some do amazing things and ensuring that wealth can be used productively, including being passed on to fund new ventures.
Many people in comfortable professions seem disengaged. I recently spoke with a lawyer who mentioned he had important business meeting on Zoom where two participants, also lawyers from the other side, and a married couple, abruptly ended the meeting at 3:30 p.m. to pick up their children from school. The rest of the group was stunned. Do the middle classes not work full days? Where is the commitment? Working from home, is not giving young workers the experience from more senior colleague and people goofing off at home.
The brightest graduates from prestigious schools study ancient history or economics, often aspire to become investment bankers, not inventors or builders of industry.
Of course, many people do work hard and it's those individuals who are holding up the economy for the rest.
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