by John Brian Shannon | February 10, 2017
Under the expert care of Exchequer Philip Hammond, Britain’s growth rate will outperform all developed nations until 2050
What a relief it must be for Prime Minister Theresa May that the UK economy is expected to grow strongly every year until 2050, with a growth rate that surpasses all developed nations.
Britain will grow faster than any other major advanced economy over the next three decades as the EU’s share of global output diminishes, according to PwC.
UK economic growth is predicted to outpace the US, Canada, France and Germany between 2016 and 2050, with average annual growth of 1.9pc.
This is also double the average annual pace of growth expected in Japan and Italy. — The Telegraph
The chart below shows the average annual real GDP growth rate of G7 countries from 2016 to 2050.
And to show where the UK ranks in terms of global GDP here is another graphic for you.
It seems that Brexit will barely register as an economic hiccup and that Britain’s economy will continue to thrive in a post-Brexit world — and that, after many dire reports to the contrary were published prior to, and since the June 23 2016 referendum on EU membership.
You see? The sky isn’t falling, it’s snowing. Get outside and enjoy it! The UK is going to be just fine.
- Brexit will not affect UK economy’s long-term future (The Independent)
- The World in 2050: Will the shift in global economic power continue? (PriceWaterhouseCoopers)
by John Brian Shannon | February 2, 2017
A brilliant group of academics and professionals have published a list of four questions that should be foremost in the minds of those wanting to negotiate a successful Brexit result as they navigate through the process of leaving the European Union.
These economists, lawyers, sociologists, and political scientists suggest that four important metrics need to be considered for any final Brexit agreement to be termed a “success” by a majority of Britons.
- Will Britain be better off, compared to staying in the EU?
- Will it create a fairer society?
- Will it make Britain’s economy and society more or less open?
- Will it give governance back to the electorate?
These seem utterly reasonable questions the public and policymakers can use to guide their thinking about Brexit over the coming months and years.
With so much focus on GDP growth and the export economy it was heartening to hear the Prime Minister speak about addressing inequality in the country, a problem not unique to Britain, but one which represents a gathering socio-economic catastrophe that rarely gets the attention it deserves. Kudos there, Mrs. May!
“As Mrs May has pointed out, judging Brexit is not just about GDP numbers, it’s also about creating a ‘fairer’ Britain – closing the wealth gap and expanding wealth and opportunity beyond London and the Southeast, as well as taking back control of borders and law-making.” — The Telegraph
These are the right questions to be asking prior to the formal start of the Brexit process which Prime Minister Theresa May has said will commence March 2017 when the UK government triggers Article 50 of the EU constitution.
February 1, 2017: Supported by the Labour Party, House of Commons MP’s backed the government’s European Union Bill voting 498 votes to 114 (a majority of 384) to allow the Prime Minister to get Brexit negotiations underway. — Excellent BBC article here.
March 31, 2017: Self-imposed deadline set by the Prime Minister for informing the EU via the Article 50 clause that Britain wishes to exit the European Union.
After a long delay (which is typical in politics) things are going to get interesting, fast.
Once Prime Minister Theresa May triggers Article 50, the ball will be, as they say, in the European Union’s court.
The UK in a Changing Europe is an impartial and independent organisation created to make the findings of the best academic research easily available to the widest possible audience. This report was written by the initiative’s director Anand Menon and senior fellows Angus Armstrong, Catherine Barnard, Iain Begg and Jonathan Portes. The report in its entirety is available for download here (PDF). [Worth the read. – Ed.]