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Too many problems to count
Let’s not sugarcoat it: the U.K. economy and labor market are suffering from various problems. Many of them are structural — a dysfunctional housing market, low productivity growth, too much debt — while some of them are cyclical. The monetary tightening cycle by the Bank of England is now clearly choking off the economy as surging interest rates are negatively affecting the housing market and the corporate sector.
Many of the structural problems that the U.K. economy is experiencing are, of course, interrelated. Dysfunctions in the housing market are spilling over into the labor
