LETTER: Confused learnings from London
The fabled city’s apparent wealth is illusory and the UK has lost its lustre
The Finance Ghost (Ghost Train, June 20-26) has been so blinded by the neon lights and overpriced electric vehicles on their recent trip to Radlett that the learnings from London are confused.
The UK is economically bust and largely irrelevant on the world stage, resulting in a forced sale of its assets. The poor-performing pound — once the world’s primary reserve currency — and falling property prices make these assets (including the mentioned Arsenal Football Club) cheaper for wealthy Americans, oligarchs and the beneficiaries of oil-rich nations who prefer to park their wealth outside less democratic abodes.
Wander outside London and the average Brit is economically locked out as they struggle with the exorbitant cost of living and negative real wages. And now for the Labour government and its fiscal attack on the wealthy, which will result in capital flight. All that glitters may not turn out to be gold.
Raymond Goss
Cape Town
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