Deindustrialization 27, Europe declining market capitalization and GDP growth

Europe growth deceleration began to gain momentum when they started with "save the planet" heavy drama since around early 2000s. Then they added with "save illegal immigrants" since mid-2010s, especially after US regime change in Libya and invasion of Syria in 2014 and huge number of unvetted immigrants from Africa and mid-east went to Europe.

Not satisfied with the above, they added it with "save Ukraine and Zelensky" in 2022 and embraced even more expensive energy. Instead of cheap Russia oil gas direct to them, they buy Russia oil gas via India, China.

As the old adage says -- if other people self-destruct, we should not interrupt. Let them shoot themselves in the feet, repeatedly.

Meanwhile, some interesting news reports here. Enjoy.

------------

2,500 steelworkers to be laid off before Christmas as British Steel shutters Scunthorpe blast furnaces

Exclusive: In a move unions say will be devastating for the local community, British Steel will stop importing coal and coke in October, meaning the blast furnaces will be turned off permanently just before Christmas

Millie Cooke  23 August 2024
https://www.independent.co.uk/news/uk/politics/british-steel-job-losses-scunthorpe-b2600826.html

 

Ministers urged to step in to save UK firms struggling with high energy costs

Exclusive: Cornwall Insight data shows small businesses paying over £5k extra a year than before energy crisis in 2021

Alex Lawson Business 27 Aug 2024 

https://www.theguardian.com/business/article/2024/aug/27/ministers-urged-step-in-save-uk-firms-struggling-high-energy-costs

 

German businesses dismiss ‘crazy’ plan to charge more for electricity on cloudy days

Jorg Luyken August 27, 2024

https://www.yahoo.com/news/german-businesses-dismiss-crazy-plan-125635096.html?guccounter=1

 

This is not ‘leading the world’. It’s economic suicide

It matters, as you’ll soon be required to have electric heating and an electric car

NEIL RECORD 3 September 2024. 

The Telegraph, https://archive.is/Waok3#selection-3087.4-3121.19

 

Energy price cap

The energy price cap is the maximum amount energy suppliers can charge you for each unit of energy and standing charge if you're on a standard variable tariff.

https://www.ofgem.gov.uk/energy-price-cap

----------------

See also:

Deindustrialization 24, UK and Germany degrowth and high food inflation, February 10, 2024

Deindustrialization 25, Jobless non-growth in Germany and UK, August 08, 2024

Deindustrialization 26, Update on Europe degrowth, September 03, 2024