THE TELEGRAPH: Britain's economic resurgence over the last fifteen years has been driven by record levels of household debt and a public spending spree that cannot continue, according a German-led team of economists.
In a damning new report "More Mirage than Miracle" published by the free-market think tank Policy Exchange, the analysts said Britain was relapsing into high-tax and high-regulation sclerosis just as the rest of Europe begins to shake itself out of statist lethargy.
The country's underlying slippage has been masked by a housing boom that creates a false sense of wealth and encourages people to over-spend by drawing cash from their homes.
The British are resorting to a Faustian Pact that leaves many of them with an ever greater debt burden. German team damn UK economic 'miracle' as a sham (more) By Ambrose Evans-Pritchard
Mark Alexander
