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In the long run, we're in trouble

The ONS released the latest GDP figures towards the end of September, and I couldn't help but take a look.

Not at the past year, or the period since 2007, but the whole lot.

Since 1949.

Here it is:



(So.  This is annual year-on-year UK GDP growth, in real terms, from ONS IHYP dataset, released 28/9/17)

I have to say I looked at this and immediately saw the trend.  (Maybe I've spent too long doing this...)  In case you don't see it:



Yup.  Downwards.  Unremittingly.

This is one of highest quality economic data series available, over a long period of time - nearly 70 years.  Irrespective of world events, economic orthodoxy or the political orientation of government, this chart only goes one way.

Structural shift from manufacturing to services?  Chronic under-investment (because of the short-term lure of the over-bloated financial sector) reducing the long-term potential for productivity growth? The long slow and inevitable decline of a once-global power?

Or an economy unwittingly movin…

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