I think a lot of this is exactly right - but one tiny caveat I'd add is that comparing the UK to the USA is sometimes a misnomer. On a size basic, the UK is much more comparible to a US state that the USA as a whole, and a lot of the observations made here are probably equally true of some US states like Colorado where talent is moved out to California.
The UK is almost twice the size of the largest US state--California. And that comparison doesn't fare well for the UK. The UK is below the US' poorest state in terms of GDP per capita.
> UK is almost twice the size of the largest US state--California
You mean by landmass? Looks like the UK is quite a bit smaller than California and I presume is a middle-sized state in size terms:
