The probable reason why an export-and-investment-led recovery has failed to materialise in Britain is that domestic consumption is too low in countries that are running current-account surpluses, such as China and Germany ("On a wing and a credit card", July 6th). In countries with a current-account deficit, such as Britain, domestic consumption is too high. There simply is not enough demand in China and elsewhere to rebalance the British economy towards exports, which forces the British recovery to remain consumption-driven.
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