As the largest rail strikes in a generation loom, the British economy and its manageability is losing public faith. Predictions of zero or very low growth over the coming years and higher, more persistent inflation in comparison to other developed nations are fueling concerns. In light of the recent industrial action, the government’s unwillingness to take practical measures to resolve the situation only cements their denial of the looming crisis. This has culminated in a declining value of the pound against other major currencies; a consequence that will negatively impact holidaymakers, contribute to inflation, and potentially destabilize international trade. In contrast to previous periods of fixed government exchange rates, international markets now determine exchange rates, which has led to an increasingly pessimistic view of the British economy’s management. With no robust plan in place to resuscitate economic growth, and a lack of urgency from the authorities, this problem will only worsen. The government’s lack of oversight on inflation not only jeopardizes their credibility but also threatens to add to the list of crises already vexing the public. Therefore, it is imperative for the government and Bank of England to prioritise tackling inflation to mitigate future economic turmoil.
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