NBC News: “Britain is the world’s sixth-largest economy, a top-tier industrialized power that still sees itself as a cradle of the postwar welfare state. But its stagnant economy has likely just entered what the Bank of England says could be the longest recession and sharpest drop in living standards on record, and it’s the only G-7 nation whose GDP is still lower than before the pandemic. Britain once compared itself to giants like France and Germany; today many of its metrics more closely resemble Eastern Europe’s weaker economies.”
“The financial calamity enveloping the U.K. is so widespread that there are few escaping its pull.”
“One in 6 British households are on social security checks, and almost a third of British children live in poverty, government figures show. One in 4 are facing financial difficulty or are already mired in it, and almost 1 in 10 have missed paying bills.”
“This nationwide crisis is driven by spiraling food and energy prices, plummeting wages and crumbling public services.”
