Britain's going through a period of 15 years of literally the worst growth performance on record ever.

And there is certainly in the modern era.

And there is very little sign, really, of anything fundamental shifting to change that.

That doesn't mean that Britain's a basket case and is immediately going to collapse.

But it is, as I put it in a newsletter earlier in the year, deconverging

from the rest of the advanced economies. London is in the kind of World League of regional economies

and then large parts of the UK are now in the sort of higher emerging market band.

There is in fact a growth crisis. There's a divergence crisis within the UK and the strategic position for sovereign

industrial policy could not be worse. And I have to say that the spin in this Guardian article

about Bidenomics and the Labour Party, which culminated in the claim that somehow if Stama and

Biden are both re-elected,

you know, the door will be open to some trade deal between the UK and the US. That strikes me as

completely wishful thinking. Like, Obama said it. Like, if Britain breaks out of the EU, it drops

down the priority list of the US to somewhere in the third tier. And if you speak to people in

Washington, they regard Britain right now as an irritant. They can extremely, you know, just a

troublesome, irritating, nagging, needy, dependent and largely irrelevant piece of their bigger puzzle.

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