The UK is set to outperform its European counterparts that are currently struggling, over the next 15 years. This is according to long-term projections made by the Centre for Economics and Business Research (CEBR). This upbeat forecast comes at a time when the UK’s economic performance has been under scrutiny.
Ranking Among World’s Biggest Economies
Britain and France are predicted to remain in sixth and seventh position respectively by 2039. However, countries like Germany, Italy, and Spain are expected to slip down the leaderboard. This would mean that the UK will be able to hold onto its place among the world’s major economies.
Context of the UK’s Current Economy
The prediction will likely be welcomed by Prime Minister Keir Starmer. Official figures released this week showed that the UK economy has not managed to grow since his Labour government took power in July. Moreover, survey data suggest that the final quarter of the year is looking rather dismal.
In conclusion, while the UK has faced economic challenges recently, the CEBR’s projection offers a glimmer of hope for its future performance in comparison to other European economies over the next 15 years. It remains to be seen how the country will work towards fulfilling this potential and what factors will play a crucial role in its economic progress during this period.
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