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The UK’s high exchange rate has a lot to answer for

Deindustrialisation on a huge scale

By John Mills  

A steelworks in Wolverhampton ©David Jones/PA Wire/PA Images

No-one can deny that liberal democracy is under serious threat from populist nationalism. The moderate left, in particular, is in the firing line. What is the single most important reason this is happening? It is that western politicians, commentators, the academic establishment and public opinion have—as a result of a combination of thoughtlessness and carelessness—pursued policies which have allowed the east comprehensively to out-compete the west where it really matters, which is in…

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