How Money Magic Tricked the UK

The UK's economy has been on a wild ride for over four decades. Two big mistakes, the resource curse and the finance curse, have shaped its path. These weren't accidents. They were choices made by leaders who thought they knew better. First, there was the resource curse. In the late 1970s and early 1980s, the UK struck oil and gas in the North Sea. Instead of using this windfall wisely, the government chose to chase a dream. They cut taxes for the rich, destroyed industries, and let unemployment soar. They could have invested in factories, roads, or even a sovereign wealth fund like Norway. But they didn't. They burned the future to fuel their vision. Then came the finance curse. When the oil money started to fade, the government turned to another trick: hot money. They deregulated the City of London, making it a haven for speculators. This kept the pound strong, making UK products too expensive to sell abroad. Industries like shipbuilding, steel, and textiles collapsed. The UK forgot how to make things. The Bank of England played its part too. It kept interest rates high, making it hard for businesses to borrow and grow. It focused on pleasing the City, not the people. The result? Regions outside London were left behind. Democracy suffered as governments bowed to markets, not citizens. But it doesn't have to be this way. The UK could break free from these curses. It could make finance serve the people, not the other way around. It could create public banks to fund real investment. It could build an industrial strategy that works for everyone. But first, it needs leaders who choose prosperity over magic money tricks.