powerhouse?? the best export is our young that leave to find a future!!!! 😥 😥 😥 😥 !; and salaries here are very high compared to other Euro countries. Try opening a business and employ a few staff 😯 😯 😯 😯 as for the unions most are facing criminal charges for fraud and bribery this year 🙄 🙄 🙄
Yes the word “powerhouse” might be a bit …. hmmm …. “premature”.
However the underlying phenomenon is interesting. On the one hand you’ve got the UK with the power to devalue the pound and theoretically make its exports more competitive, rebalance its economy, etc, but it’s trade deficit is getting worse and it looks like Osborne is reverting to trying to manufacture a housing boom to generate any kind of growth (the kind of policies people used to take the piss out of Spain for). On the other hand you’ve got Spain which is supposedly trapped in the wrong currency (in many respects it is) but is somehow getting close to a trade surplus. This has been going on for too long to be a “blip” and it needs explaining. The article above at least attempts to explain this.