Podcast 34 - British Capitalism's Crisis

Socialist correspondent

Brexit will leave British capital weaker and marks another significant step in Britain’s decline relative to other imperial powers over the last 100 years. Britain always had an uneasy relationship with the EU, with different allegiances and ambitions from France and Germany. Having said that the dominant sectors of British capital, whose interests were tied up with the EU, were not in favour of Brexit. However it did happen due to the continued tensions within the British ruling-class about its world role, the incompetence of its political representatives and alienation in communities which had suffered neglect over decades. The full impact of Brexit remains to be seen, but there is bound to be a hit on the financial sector which dominates the economy. There is also the prospect of the break-up of the UK with majority support currently for Scottish independence and the reshaping of Northern Ireland’s relationship to the UK and Ireland by the Brexit process. All this is happening against the backdrop of a long term decline in British capital’s share of the world economy, an increasingly parasitic domestic economy and the disastrous handling of the coronavirus pandemic by the UK government and the devolved administrations.