Britain. The brand is stability.
Six Prime Ministers in seven years and none has lasted longer than three. Britain used to be priced like Germany, and now it is being repriced.
THE GIST ON DOWNING STREET: "Britain's Brand"
What has happened to Britain's brand?
Britain's brand has always been stability. Two days ago, Keir Starmer became the sixth Prime Minister to resign in seven years. None of them has lasted longer than three, and that brand is looking pretty thin right now. Britain used to be Germany, and now it's Italy.
What was Britain like before 2016?
Until 2016, Britain was the world's most stable major democracy: the same parliament since 1689, the same monarchy since 1066, and a gold standard credit rating. Then came Brexit, and we lost a AAA rating and David Cameron in the same week. Since then, we've had six Prime Ministers in seven years.
Why does stability matter?
Stability is what investors price into a country. Long-term capital needs to know who's making the rules. A three-year government can't deliver a five-year energy plan, a 10-year housing strategy or a 15-year infrastructure project. Every new leader brings new priorities, and every new priority resets the clock.
What is the damage?
Britain has the highest borrowing costs and the highest inflation of the G7. The pound is 15% weaker against the dollar than it was 10 years ago. Foreign direct investment is at a 20-year low, and one in 10 UK graduates are planning on leaving.
This is textbook brand erosion. Brands take centuries to build and decades to lose, and Britain is currently being repriced. The energy bill, the supermarket shop, the cost of buying a house: they're not problems waiting for the next government to fix. They're the new price of being here.
Everything we own was valued on the old Britain, and the new Britain is going to value it differently. How much do you think it's worth?
Should big projects outlast any one government?
Your take. One tap, then see how everyone else voted.
Quick answers
How many Prime Ministers has Britain had in seven years?
Six, and none has lasted longer than three years.
Why does political stability matter to the economy?
Investors price stability into a country. A three-year government can't deliver a five-year energy plan, a 10-year housing strategy or a 15-year infrastructure project.
What does Huw say has happened to Britain's numbers?
The highest borrowing costs and inflation in the G7, a pound 15% weaker against the dollar than 10 years ago, and foreign direct investment at a 20-year low.
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