evilbanks.co.uk

The UK looks more like the US than any other European economy (maybe more like the US than any other economy, period). It has:

1. An exceptionally low household savings rate – not far from zero if you exclude savings done by companies on behalf of households when they pump more cash into corporate pension schemes.
2. A very high stock of mortgage debt (80% of GDP) and a housing market that has turned a corner so that house prices are just starting to fall across most of the country.
3. A government running a fairly large fiscal deficit despite several years of economic growth at or above trend.
4. A large current account deficit on the balance of payments.
5. An economy with a large financial sector.

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