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Britain’s Economy Firing on All Cylinders until 2050
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.
According to a forecast from PwC, Brexit is only going to prove a bump in the road for the UK’s economy. Even though it may take a significant financial hit as a result of it’s exit from the European Union, the UK’s economy is set to grow faster than any other major advanced economy up until 2050. PwC predicts an average annual growth of 1.9 percent over the next 30 years. That’s more than double the expected growth rate of Japan and nearly twice that of Italy.” — by Niall McCarthy | You will find more statistics at Statista
And to show where the UK ranks in terms of global GDP here is another graphic for you.
You will find more statistics at Statista
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.
Related Articles:
- 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)
Four Ways That Will Measure Brexit Success
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
A Successful Brexit. Four Metrics to Guide UK Separation from the European Union. Image courtesy of The UK in a Changing Europe.
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.
See: PM Theresa May’s Lancaster House speech
Key Brexit dates. Image courtesy of The Telegraph.
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.
Next-up?
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.
Recommended Reading:
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.]
Theresa May needs Parliamentary Approval for Brexit says Supreme Court
by John Brian Shannon | January 25, 2017
Britain’s Supreme Court ruled (8-3) today that the UK government must get parliamentary approval to begin the process of leaving the European Union.
Prime Minister Theresa May’s plans to trigger Article 50 of the Lisbon Accord in March 2017 to begin the Brexit process, could be delayed as a result of this ruling. However, the PM’s spokesman said that the plan to leave the EU remains unaffected and Brexit will proceed as planned.
Most Conservative MP’s have publicly stated they will support Brexit, and Labour Party leader Jeremy Corbyn said his party will vote to Brexit. (Read here)
List of Treaties and Acts signed without the benefit of a UK referendum, nor signed with any requirements set out by UK Supreme Court Judges.
The highest court in Britain also decided today (unanimously) that there’s no requirement to consult the governments of Northern Ireland, Scotland or Wales prior to invoking Article 50 because the United Kingdom entered the European Union as a single entity, therefore, the UK must leave the European Union as a single entity.
In defense of the high court, the Brexit referendum wasn’t a constitutional vote where the government was legally bound via a quid pro quo with voters to enforce Brexit, rather, it was a vote centered on finding the will of the public regarding continued EU membership.
British voters, after having voted in a referendum to tell the government of its wishes in regards to EU membership, are now informed by the UK Supreme Court that Parliamentary approval must also occur.
The bar keeps raising, but it’s only serving to make UK citizens more determined to have their voices heard and for Brexit to actually occur.
Although today’s ruling might be seen as a setback for the Prime Minister in some quarters, the Supreme Court ruling has caused Britons to demand even more vociferously for a ‘Hard Brexit’.
It seems the Supreme Court ruling requiring Parliamentary approval before Brexit might turn out to be good news after all for Prime Minister Theresa May and for millions of Brexiters.
Find more statistics at Statista – Click to enlarge the image
Letter to Britain 