Back in the UK for the past week this correspondent felt that the recovery in London seemed very shallow and facing a three-year downturn, while Dubai shows every sign of putting the not inconsiderable problems of the past few years behind it.
In Britain the real recession is just starting. House prices are unchanged in London and down 20 per cent elsewhere since the 2007-8 crisis. The government then bailed everybody out to save the financial sector but only at the cost of huge borrowings that now threaten the system again, and are being addressed with austerity measures and higher taxes.
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