Britain will have fourth largest economy
The British government can celebrate to the positive projections that sees the UK economy shooting to up to the fourth largest in the world. Over the next few decades Britain’s economy will surpass that of Germany and Japan.
New analysis from the Centre for Economics Business and Research shows that due to the UK’s leading position in global software and IT, Britain will have the best economy in the western world over the next 15 years.
Britain currently sit fifth on the economy leaderboard, surpassing France in 2014. The UK’s total Gross Domestic Product (GDP) currently stands at $3.04 trillion.
However new growth will see Britain climb up a spot, siting behind the economic powerhouses of China in first, United States in second, and India in third. According to Cebr’s latest world economic league table, this will be the standing in the year 2030, which is now only 15 years on. By then the UK’s cash value is projected to have risen to $4.7 trillion.
The Conservatives will be buoyed by these findings as the UK growth should hit 2.9pc this year, which works out at 6.1pc more than the pre-financial crisis peak. This year’s growth figures are second only to the United States.
A spokeswoman from The Treasury, who feel that this is proof that their economic plans are correct, said: “With the deficit reduced by almost two thirds as a share of GDP since its peak in 2009-10, an average of 1,000 extra people in work each day, the government’s plan for more prosperous future is delivering for working people.”
