Two great crises have converged on the British economy. Squeezed in the middle is the hapless figure of Rishi Sunak, the third prime minister since September, facing multiple questions about how long he will last. The first problem stems from the rise in energy prices reminiscent of the 1973 quadrupling of oil prices which laid the basis for future stagflation – now the dominant challenge globally. The longer-standing crisis is the collapse in productivity growth since the 2008 financial turbulence. This translates into high indebtedness, high public sector wage demands and deteriorating services in health, ... (full story)