Mark Littlewood writes for The Times Business
On most measurements, spending — as a proportion of national income — in Britain is about the same as it is in Venezuela. At some point, there will be an economic downturn — or crash — and the cycle will repeat. Very modest reductions in spending will be made for a few years, but the belt will soon be loosened and long-term underlying problems will remain unaddressed. The amount of ruin will increase.
None of this is to say that the UK is in imminent danger of a humanitarian crisis on the scale of Venezuela. But while we consider what immediate steps can be taken to relieve the ghastly suffering of the Venezuelan people, we should reflect on what lessons we can learn from their economic collapse. Those who refuse to learn from history are doomed to repeat it.
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