Article misses crucial and always overlooked point. Working class have lost stake in the economy, by government changing IR35 legislation to prevent worker owned businesses from making profit. This was lobbied by big corporations who were losing talent (it was easy to start own company and offer services directly to clients) and contracts (small business could undercut them and offer better quality) and was falsely sold to the public as "anti-tax avoidance" measure.
In an environment where working class became a captive workforce, they no longer have interest in getting better at what they do, because it will only benefit corporation they work for. They can't use their talent in their own business, because they can't run it. Add wage compression and the fact the government allowed big corporations to import even cheaper workforce from overseas, compounded the problem.
Same with public sector - we had an ecosystem of small businesses delivering services and that was destroyed. Any public sector body buying these services got fined and "nudged" to buy from more expensive big corporations.
So you get no productivity, brain drain and big corporations taking massive profits overseas, where small business would spent the money locally stimulating the economy.
It's a slow car crash, nobody is paying attention to.
Same with public sector - we had an ecosystem of small businesses delivering services and that was destroyed. Any public sector body buying these services got fined and "nudged" to buy from more expensive big corporations.
So you get no productivity, brain drain and big corporations taking massive profits overseas, where small business would spent the money locally stimulating the economy.
It's a slow car crash, nobody is paying attention to.