Echoes of the 1970s and early 1980s are impossible to ignore in the UK at the moment. On top of supply-side shocks, sputtering growth, unsustainable public finances and soaring prices, labor unrest is also staging a comeback. Last week, strikes shut down the country’s railway system and brought the London Underground to a halt. Other unions are planning strikes of their own in a threatened “summer of discontent.”
All that’s bad enough — but this return to the dysfunction of five decades ago has been happening alongside the still-unfolding consequences of Brexit. It’s a perilous juncture. The unions need to think hard before Britain finds itself entering a new era of economic decline.