The UK is projected to outperform its struggling European counterparts in the next 15 years, helping it maintain its position among the world's largest economies. Britain and France are expected to remain in sixth and seventh place by 2039, respectively, while Germany, Italy, and Spain decline in the global rankings , according to the Centre for Economics and Business Research (CEBR).
This optimistic forecast comes after official figures revealed that the UK economy has stagnated since the Labour government took power in July. Survey data indicates a weak final quarter that is likely to extend into 2025. Prime Minister Keir Starmer is banking on his plans to achieve the fastest sustained growth in the Group of Seven through planning reforms, increased housing construction, and public investment. However, CEBR cautioned that challenges will persist for the British economy. CEBR anticipates that Britain will close the gap with the underperforming German economy over the next 15 years. While the UK economy is projected to grow at a faster pace than its European neighbors, this is largely attributed to the weaker performance of Eurozone economies rather than exceptional UK growth. CEBR predicts that Germany will be 20 percent larger than the UK's economy by 2039, down from a 31 percent difference currently. Similarly, Britain is expected to surpass France in size, with a 25 percent larger output by 2039. Despite warnings that Labour's tax increases will result in weaker activity growth in the short term, CEBR projects a longer-term trend growth rate of 1.8 percent. The US is projected to retain its position as the world's largest economy, fending off competition from China
UK Economy European Economy Growth Projections Global Rankings Labour Government
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Trump tariffs risk exposing UK firms more than European peers | Irina AnghelAmericans are big buyers of British exports such as Land Rovers, machinery, chemicals and a string of blockbuster pharmaceuticals—a special relationship that leaves UK companies particularly exposed to Donald Trump’s plan to push up tariffs.
Read more »
Akari shoots for redemption vs. struggling Farm FreshONE week after a straight-set defeat to powerhouse Creamline in Ilocos Sur, Akari seeks to recover and reclaim momentum in the Premier Volleyball League
Read more »
Heat roll past LeBron, struggling LakersTyler Herro scored 21 of his 31 points in the third quarter and the Miami Heat set a franchise record for assists in beating the Los Angeles Lakers, 134-93, on Wednesday night, Dec. 4.
Read more »
China to Raise Deficit to Boost Spending and Support Struggling EconomyChina will increase its fiscal deficit to stimulate spending and revive its slowing economy. Finance Minister Lan Fo'an announced this plan, emphasizing a focus on improving livelihoods and promoting consumption. This move signals a departure from China's previous cautious approach to fiscal policy.
Read more »
European satellites launched to create artificial solar eclipses in a tech demoCAPE CANAVERAL, Fla. (AP) — A pair of European satellites rocketed into orbit Thursday on the first mission to create artificial solar eclipses through fancy formation flying in space.
Read more »
NATO to European allies: Spend more on defenseBRUSSELS — North Atlantic Treaty Organization (NATO) Secretary-General Mark Rutte led a fresh push on Wednesday for European countries to ramp up defense spending, a budget shortfall that United States President-elect Donald Trump used to berate his country's allies during his first term in office, severely damaging trust.
Read more »