Viva Espana or the best of British?
Ahead of tonight’s Champions League clash, we compare the merits of living in Spain and the UK. Our economy is in better shape, but Spain have the World Cup. And don’t mention the weather…
UNEMPLOYMENT
There’s no contest here. Britain is creating a record number of jobs. Spain has lost 3.3 million jobs since 2008.
Essentially Spain fired everyone who was hired between 2003 and 2008. Pretty much these were the “bubble” jobs in construction, real estate and banking.
Spanish unemployment is also concentrated on youth.
All is hardly well on this front in Britain, however. Unemployment here is sharply higher on pre-crisis levels.
Spain’s labour market reforms should help medium-term. Right now, a depressed economy, austerity and a half-broken financial system make things very tough.
Read more: Spanish youth hit as unemployment hits 17-year high
HOUSE PRICES
Despite having a similar housing bubble, Spain’s real estate prices have tanked, and Britain’s have held up.
In Britain there are huge differences between London and the rest.
In Spain, the decline has been nationwide.
It reflects the fall in the value of the pound, the efforts made by the Bank of England to keep asset prices higher, and the hundreds of thousands of empty new homes in Spain.
Read more: Spectre of property crash looms for Spain
WEALTHIEST FOOTBALL CLUB
Real Madrid is wealthier, but Manchester United is worth more on financial markets. The nature of each club’s debts reflects national economic characteristics.
Real borrowed from local banks to fund transfers such as Ronaldo (Caja Madrid in turn cashed in the Ronaldo loan at the European Central Bank). United had been debt free until, at the peak of the boom, a private equity-style leveraged buyout left the club highly indebted.
The other key difference is that Real clean up from selling TV rights separately. United will soon compete from the Premier League deal alone, but could do very well if the same system came to Britain.
Read more: Man Utd v Real Madrid – clash of the financial titans
FIFA RANKING
Spain wins here on the back of the Barcelona football team. The last three major trophies have all gone to Spain, whereas no UK team has got to a final for nearly half a century.
Read more: Spain crowned as Euro 2012 champions
TEMPERATURE
Madrid wins this one, obviously. Indeed, Cristiano Ronaldo claimed it was one of the main reasons he moved to Madrid.
Read more: Could the humble olive help Spain out of its crisis?