Yep, I can see a Japan-style situation with 2 or 3 decades of lost growth. Except they did it from the position of being the richest big country per capita in the world, whereas the UK is doing it from a position of already performing fairly poorly compared to its neighbours. In the last 10 years, the UK per capita income has gone from roughly the same as the Netherlands and Germany to 17 grand and 10 grand a year less respectively (can't remember if that's pounds, euros or dollars, but either way, it's bad).