If the British economy can’t pay better wages, then it must shrink

Vacancies are high, but pay is not rising. Nor will the Bank of England allow it to. That means something else has to give

Some of Britain's biggest industries need to shrink and they need to start thinking about how to do it now.

Hospitality is one. Manufacturing could be another. These sectors are among many to say they cannot find the workers they need at the price they have traditionally paid.