The New Battle for Britain

Despite the Thatcher reforms, government spending was only reduced to about 40 percent of gross domestic product (GDP) while the United States was able to keep government spending at about one-third of GDP for the last quarter-century.

The British public sector is almost certain to grow to about 48 percent of GDP, while the U.S. government spending will grow to the old British level of 40 percent of GDP.

The large countries within the EU that had government sectors approaching 50 percent of GDP (i.e., France, Germany and Italy) grew at about half the rate of the United States over the last 25 years, with Britain falling in between.

Thus it is reasonable to expect British growth to fall to the anemic levels of the other big EU countries and the United States. to drop to the old British levels...

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