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I am not pretending everything is perfect, but economically the UK is projected by the IMF to grow faster than any other developed G7 Economy in 2014; and at tw
by adamt 12y ago
I am not pretending everything is perfect, but economically the UK is projected by the IMF to grow faster than any other developed G7 Economy in 2014; and at twice the rate of the Eurozone [1]
Debt is high, but the key metric of net debt as a proportion of GDP is decelerating and is forecast by the Office of National Statistics to level out over the next few years and be falling within 3-4 years. [2]
The UK has made cuts to social and welfare budgets, but these cuts are actually smaller than across the Eurozone. Social spending has risen faster since 2000 in the UK than anywhere in the OECD. [3]
There are still issues with wealth disparity (poor vs rich and South-east versus the rest of the country), tax avoidance (mainly corporate), and challenges with reforming the welfare state so that benefits are there for the those that genuinely need whilst not creating a disincentive to those that work. However, saying the UK is mess at the moment, is do dismiss the facts.
[1] http://news.sky.com/story/1238991/imf-sees-uk-growth-remaining-fastest-in-g7 http://news.sky.com/story/1238991/imf-sees-uk-growth-remaini...
[2] http://www.bbc.co.uk/news/business-25944653 http://www.bbc.co.uk/news/business-25944653
[3] http://www.telegraph.co.uk/news/politics/10574376/Graphic-Britain-outstrips-Europe-on-welfare-spending.html http://www.telegraph.co.uk/news/politics/10574376/Graphic-Br...
- james1071 12y agoYour comments are not very helpful,as you are quoting growth rates from arbitrarily selected starting points. The main measure of an economy is GDP per capita. Apart from cyclical fluctuations, the main drivers of GDP per capita are are investment and productivity. In the UK both of these are below that of the major developed economies. As for the current growth of the economy-all is not well, as there is a large current account deficit, which is being funded by borrowing from overseas and is not sustainable.