Patrick Boyle

Now we've got the Strait of Hormuz.

And once again, Britain is taking the brunt of it.

It's easy to sort of, you know, there's lots of commentators and they want to say, well, it's, you know, terrible politics or it's lazy.

You know, one of the things is that productivity in Britain is a lot lower than in the United States, for example.

Why is that?

Well, there's a bunch of reasons for it.

But one of the bigger reasons is

is just that there's way less investment in UK workers, right?

So an American worker sort of turns up at the office and they have more, because productivity is basically you combine labor with capital and it turns into economic output.

And really in the UK, there's a very highly educated workforce.

British people are very hardworking, but they have, I think, something like 50% less capital

than an American worker.

And so that's everything from even like software products you're working, or capital is even the building you're working in or whatever.

Because even if you have very high rent, you have very high electricity price, all of these things, they drain away the productive capacity of the countries.

Yeah.

Energy is a nightmare problem for the UK because I believe we have the most expensive industrial electricity prices in the developed world.

And then the government kind of look around and they sort of go like, how can we get the steel industry working?

And it's like,

almost all industry is turning power into output.

It's kind of almost that interesting thing where every other animal, they eat food and that gets turned into energy.