Boris Johnson’s risky economic bets

DECRYPTION – The UK government’s mistrust of the concerns of business leaders risks dragging the country into a dangerous spiral.

It was one of the promises of Brexit. Put an end to the uncontrolled immigration of Europeans, accused of pulling wages down, to give priority to the British in employment. Boris Johnson repeated his goal at the Conservative Party convention earlier this month. He intends to make the country a “economy with high wages, high skills, high productivity and hence low taxes».

The ace. This postulate comes up against the realities of a globalized economy and its cyclical tensions. Great Britain cannot, alone, isolated, conduct an autarchic economic policy that would defy the constraints weighing on others. According to King’s College London economics professor Jonathan Portes, the predictable impact of this migratory Malthusianism would be “less employment and less productionRather than the other way around.

«Fuck business!»

Even before the pandemic, when Brexit was becoming a reality, the British economy was in full swing, with a weak labor market.

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