Economics

Britain Wargames a Crash Far Worse Than Covid If Chip Supplies Are Shut Off

Everything from energy security to medical treatment would be at risk — and Brexit has left the UK with fewer options than other western countries.

Illustration by Steph Davidson

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It’s 2027 and London’s black market for vintage smartphones is thriving. Second-hand cars are selling faster than any rolling off UK assembly lines. Internet blackouts are common, inflation is surging and waiting lists for public health services are lengthening again. Britain is in the grip of a global semiconductor crisis.

In this hypothetical scenario, chip supplies dried up a year after China stormed Taiwan and blockaded production at Taiwan Semiconductor Manufacturing Co. Ltd., which makes 92% of the world’s most advanced semiconductors. Broader tensions in the region disrupted supplies from other key producers in Japan and South Korea, and Beijing restricted its own exports for economic leverage against the US.