May 30, 2024
World Economy

The charts that show how Britain is slowly turning into bloated Europe


But since 2020, average economic growth has for the first time in recent decades fallen to below half of that recorded in the US.

And in yet another warning sign, Britain is also now lagging behind when compared with other parts of western Europe too.

The UK’s anaemic rate of growth – at 0.8 per cent – has seen it surpassed by Italy, Portugal and Belgium, whose economies grew by 1 per cent, 1.4 per cent and 1.5 per cent on average across the 2020s.

While France and Germany have fared worse since 2020, the IMF has predicted the UK will fall behind France in 2024 with a predicted growth rate of just 0.5 per cent: a quarter of what the US is expected to achieve.

Productivity

A key contributor to the stagnation afflicting the UK economy is low productivity. 

The issue has always been a weak spot for Britain, with the country falling not just behind the US, but many European nations too for decades.

Pre-pandemic, every hour worked in the UK contributed $66 (£53) towards GDP, compared to $78 in France and Germany, and $87 in the US.

Since Covid, the disparity with the US has only grown.



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