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The Editorial

Country in denial

I know this will not make happy reading, but the woes of our country are piling up.

John Benton

First, of course, our economic problems are now enormous. The City has been a major contributor to the exchequer in recent years, but the economist Ruth Lea has written, ‘in the wake of the current crisis, this sector is not expected to be a major source of growth — on the contrary it is likely to contract’. Then there is the loss of manufacturing. The French President has described Britain as a country that doesn’t manufacture anything. In fact, manufacturing still accounts for 13% of GDP, but, with the recession, companies are closing. The steel producer Corus is under pressure. Then there is the depletion of our oil and gas reserves.