'Forget the Great in Britain" is the dismissive title of an article in the current issue of Newsweek by Stryker McGuire, the American journalist who first gave currency to the concept of "Cool Britannia". Now he has run his eye over Britain in a more critical mood, and what he sees is decline. Post-imperial debility has finally caught up with this sceptr'd isle: our public debt is soaring towards a record high; we are about to be eclipsed by "giant emerging economies like China and India"; our defence budget is unsustainable; we cannot afford to renew Trident; and the engine of our "soft power" – the financial sector – will not recover its former pre-eminence.
Before calling the Samaritans, it might be advisable to subject this thesis to closer scrutiny. It has to be conceded that, superficially at least, McGuire's analysis embodies some valid points, particularly as regards the financial crisis. We are in serious trouble, and the problem has been compounded, not alleviated, by government policy.
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