British living standards ‘to fall behind Malta’
UK ‘living off its past glories’ as high inflation and low growth hurt prospects, economists warn
Britons will be poorer than people in Malta within a decade as Rachel Reeves’s repeated tax raids condemn the UK to the economic slow lane.
Living standards in Britain are forecast to slip behind that of the Mediterranean archipelago by 2035, according to the Centre for Economics and Business Research (CEBR).
The CEBR’s annual league table of economies also warned that Sir Keir Starmer would fail to meet a flagship pledge to raise living standards this parliament.
While Malta has a population of just over half a million people, its low-tax policies and similar culture to the UK are already proving popular with British entrepreneurs.
The CEBR predicted growth in GDP per capita – a proxy for living standards – would be the second weakest in the G7 over the next five years, trailing the US, France, Canada, Germany and even Italy until the end of the decade.
This suggests the Prime Minister will not even come close to a goal of securing the fastest growth in living standards in the rich club of economies.
Pushpin Singh, at the CEBR, said the UK was confronting a triple challenge of high inflation, high debt and low growth as he warned that countries with lower taxes and regulation were eroding Britain’s competitiveness.
The economics consultancy also said an “inability to shrink state spending” across many European nations, including the UK, was also harming growth.
While the US is expected to cement its status as the world’s biggest economy over the next decade, the CEBR said Donald Trump’s high debt strategy risked “a painful financial market correction” that could also send UK borrowing costs soaring.
Ms Reeves increased taxes by a further £30bn in her November Budget, putting the UK on course for the second weakest growth in living standards in peacetime.
The Chancellor’s war on wealth means growth per person is now set to grow by just under 10pc between now and 2030 to $63,920 (£47,300).
This is much weaker than the US, where GDP per head will rise 17.5pc to $105,086 in today’s money.
It means the UK will look more like Guyana than the US by the end of the decade, with Hong Kong also overtaking Britain by 2035 in terms of GDP per person.
The Telegraph: continue reading
Featured image: The Telegraph
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