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Relative to France, have the United Kingdom’s “ultra-liberal†economic policies had positive effects?
A comparison between the United Kingdom and France clearly shows that in the United Kingdom: Social welfare (pensions, healthcare, family, housing, etc.) is less generous; Unemployment benefits are less generous; The degree of employment protection is lower; Unprotected self-employment has grown more; The corporate tax burden is lower; The minimum wage is lower and high inequality is tolerated. Have these “ultra-liberal†choices, which are very hard on the population, improved the United Kingdom’s macroeconomic performance relative to France? When we look at: The employment rate; Investment; Productivity gains; Growth; The standard of living, we see that the United Kingdom has done better than France when it comes to the employment rate and growth, but not investment, productivity or per capita living standards. Its ultra-liberal policies have therefore not yielded considerable macroeconomic benefits.
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Natixis
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Patrick Artus
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