A UK in decline needs to rediscover supply-side economics

Richard has pioneered Asian investment management at senior levels for companies such as JP Morgan, Citi, BNY Mellon and several start-ups.I just spent two weeks in a broken Britain, which is an unfortunately apt description for a country that has fallen from its former glory. Its people are funny, witty, creative, intelligent, sports-mad and educated, part of a society that has constantly evolved over the last millennium, its imperial heritage bringing in cultures from around the globe. It is a green and pleasant land, beautiful in spring and summer, and not too bad in the autumn.Yet the once great nation is now dealing with a continued self-inflicted decline. The state of England’s roads, utilities and public services reveals the English talent for muddling through with little planning or organisation, winging the detail in the hope that things will work out – and the other parts of the United Kingdom are worse. There is an overwhelming sense that the public sector takes no responsibility for anything. There is no sense of service and insufficient pushback from the public.Thirty years ago in China, one remarked on the state of the roads, the poor phone network, the length of time it took to get anywhere and how hard it was to see a doctor. That is not true in China now, but it is often so in Britain. I have singled out the United Kingdom, but most developed economies are also suffering from a regressive ennui where once leading-edge infrastructure lies dated and unmaintained.