What broke Britain's economy?

The Indicator from Planet Money

NPR

Business

4.7 • 9.2K Ratings

🗓️ 15 July 2022

⏱️ 10 minutes

🔗️ Recording | iTunes | RSS

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Summary

Seems like the British people might have to cut down on their afternoon tea... food prices in the UK are going through the roof, and wages are stagnating. Can the new Prime Minister handle the heat?

Transcript

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0:00.0	NPR.
0:12.0	This is the Indicated From Planet Money. I'm Darian Woods.
0:15.0	And I'm Paddy Hirsch. Today we're going to talk about the UK.
0:18.0	Your home country?
0:19.0	Well, I don't know. Northern Ireland is my home country.
0:22.0	Northern Ireland is still part of the UK.
0:23.0	Yes, it is.
0:24.0	Technically, according to Wikipedia.
0:26.0	Here and today potentially gone tomorrow.
0:28.0	Anyway, it's hot in the UK right now.
0:30.0	100 degrees. This talk of a national emergency.
0:33.0	But we're not here to talk about the weather Darian.
0:35.0	We're here to talk about another national emergency.
0:38.0	The British economy.
0:39.0	Yeah, the UK is struggling with a whole laundry list of issues.
0:43.0	Inflation is at 9.1% and rising.
0:46.0	Economists reckon it could hit 11% later this year.
0:49.0	Government debt is at more than 2 trillion pounds,
0:52.0	which is 90% of GDP.
0:54.0	The pound itself is taking a hammering.
0:57.0	And it's now at a two year low against the dollar.
1:00.0	Strikes, wage stagnation, sluggish growth,
	...

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