When Mrs Thatcher and her government, voted in by a mass of working people, decided to fundamentally change our economy from a goods-based one to so-called service-based economy she/they threw the baby out with the bathwater; goods based industries were unsupported.
Service-based industries can be defined as financial services, hospitality, retail, health, human services, information technology and education. Hospitality is notoriously low-paid; retail, in the way we knew it, is dying; health is struggling with its cost base and lack of highly trained operatives; human services can be an extremely low-paid area if not exploitative; we buy in a lot of our highly paid information technologists and education is spurned by large numbers of older voters, who currently hold sway, while the young do their best to acquire it.
Financial Services, which was always intended to be the driver of this change is 6.9% of our economy with 49% of that generated in London. The UK financial services are the seventh-largest in the OECD in 2018 by its proportion of national economic output.
With all the changes we have seen in our lifetime. The lack of support in the areas where the traditional goods based industry was cut off at the feet, the concentration on London, the lack of jobs for the just below the middle-income earners likely to grow into the lack of jobs for middle-income earners altogether, how do you see the UK, economically, in, say, 10 or 20 years time. Who will thrive in this brave new world and who will work hard to survive?
