Why does the UK do so badly economically?

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I noticed this tweet this morning:

My hypothesis is pretty straightforward. Our problems are threefold.

First, we have always based our economy on extracting value, not creating it. That's the legacy of empire, which was based on this logic.

Second, in the absence of anyone else to extract value from now those in power seek to extract value from those in this country, rather than take action to create value. Hence our remarkably low investment rate and high inequality.

Third, the consequence is the dominance of the financial services sector and rental income within our economy, both of which indicate extractive activity since neither creates added value of any consequence.

My guess is that some work on OECD GDP datasets might illuminate this, but I doubt I have time to do that today. If anyone else has the data though, please let me know.

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