What has Happened to the UK's Economy

Britain used to be world most powerful economy. Even now its still in the top 10 largest globally. But the quality of life for the UK's citizens has been in decline for well over 2 decades. Once a highly developed nation and the forefront of the world, it has fallen off. Poverty levels are increasing a long with levels of homelessness. This has been brought about by years of poor governance and ineffective policy.
Is the nation doomed or can it be rescued?

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