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Looks like India's recent growth have edged them out, but I just want to point out that's why, not because the UK is falling. Its just India is, finally, catchi
by drzaiusapelord 10y ago
Looks like India's recent growth have edged them out, but I just want to point out that's why, not because the UK is falling. Its just India is, finally, catching up to the rest of the world. This is good news for India and doesn't take away from the UK. Also, remember we're talking about an economy of merely 65m people that chimes in at 6th.
UK GDP growth fits in at almost 2% which is where the USA sits at as well and typical of later-stage capitalist countries. EU darling and once economic powerhouse France is at .3%. Spain is only recently getting out of negative growth, for comparison.
- selectodude 10y agoUK GDP growth is almost entirely due to financial services and legal sectors in London, who just received the official notification that London is no longer the banking center of Europe.
- drzaiusapelord 10y agoYet somehow everytime I see these fairly dramatic predictions about the US losing its petrodollar and the dollar collapsing or banking moving to $other_country, $cryptocurrency, etc or everyone switching to the Yuan or Ruble, etc they are almost always wrong. I think you're dismissing how powerful inertia is in the financial sector and how the EU needs the UK and as such will work out agreements to keep things going. London wealth and banking is most likely very safe. Remember, London as the premier financial center of Europe predates the EU by a few hundred years. It is not an outgrowth of EU membership.
- zigzigzag 10y agoLondon is still the banking center of Europe. Trade cuts both ways too: the EU needs the companies and people based in London. Cutting themselves off from their own financial center won't be pain free.