Britain's economy is powering ahead of our faltering European neighbours, according to forecasts that appear to strengthen the case for a UK exit from the EU.
We are predicted to overtake Japan and Germany within 20 years to become the world’s fourth largest economy.
In France by contrast, the situation is so dire that it could suffer the humiliation of being expelled from the elite G8 group of the world’s largest economies.
Britain leapfrogged France in 2014 to become the world's fifth largest economy.
Britain 'to boom for years' as the rest of the EU falters: UK could overtake Japan and Germany within two decades to become world's fourth largest economy
Findings likely to be seized on by Tory Eurosceptics before EU referendum
Suggestion we should build relations with fast-growing India and China
Britain leapfrogged France in 2014 to become world's fifth largest economy
By Daniel Martin and Alex Brummer for the Daily Mail
26 December 2015
Daily Mail
Britain's economy is powering ahead of our faltering European neighbours, according to forecasts that appear to strengthen the case for a UK exit from the EU. Above, Chancellor George Osborne, pictured at the Conservative Party Annual Conference
Britain's economy is powering ahead of our faltering European neighbours, according to forecasts that appear to strengthen the case for a UK exit from the EU.
We are predicted to overtake Japan and Germany within 20 years to become the world’s fourth largest economy.
In France by contrast, the situation is so dire that it could suffer the humiliation of being expelled from the elite G8 group of the world’s largest economies.
The findings of the Centre for Economics and Business Research will be seized on by Tory Eurosceptics in the run-up to the referendum on British membership of the EU expected next year.
They will see it as evidence that Britain’s economy is so strong that we could easily survive outside the EU and would do better to build relations with the fast-growing India and China.
The CEBR’s World Economic League Table confirmed that Britain leapfrogged France in 2014, making the UK the world’s fifth largest economy.
It predicts, however, that the size of India’s economy is expected to exceed the UK’s in 2019, thanks to its much larger population. Despite this, Britain still hands India tens of millions a year in foreign aid.
China is expected to overtake the US as the world’s largest economy in 2028, with India leapfrogging it some time after 2050. The CEBR said: ‘The United Kingdom is projected to be the best-performing economy in Western Europe and after overtaking France in 2014 is likely to overtake Germany and Japan during the 2030s.
‘Indeed the UK could reach the giddy heights of becoming the world’s fourth largest economy during the 2030s, if it manages to overtake Japan before it is itself overtaken by Brazil.
‘The UK’s strength is its cultural diversity and its strong position in software and IT applications. Its weakness is its bad export position and unbalanced economy.’
Last year, the same forecasters said Britain would overtake Germany as Europe's largest economy in 2030 for the first time since 1954. Now they say that will be delayed a few years as Germany’s population will be more than a million larger than expected because of migration, mainly from Syria.
‘Germany is forecast to be held back by the weakness of the rest of the EU, which it will be increasingly forced to subsidise if the euro is to survive,’ the CEBR said.
We are predicted to overtake Japan and Germany within 20 years to become the world’s fourth largest economy (stock image)
Weaker economies such as France and Italy are slipping way down the table and face exclusion from the G8 and eventually even the G20 as their economies persistently underperform. Russia is also set to continue to do badly, thanks to falling oil prices, the weak rouble and economic sanctions.
The CEBR said all oil-based economies are set to do worse than previously expected – another blow to the SNP who claim North Sea oil could help maintain an independent Scotland.
Britain’s success aside, Western Europe is expected to be the slowest-growing region over the next two decades. France’s prospects are described as ‘dire’, with the pace of economic reform ‘far too slow even for it to tread water’.
Danae Kyriakopolou, who leads CEBR’s global research, said: ‘China’s slower than expected growth and risks around the sustainability of its debt are reflected in a delay in the date when it is expected to overtake the US. Europe’s economic weakness is likely to be reflected in France, Italy and Russia being dropped from the G8.’
Read more: UK could overtake Japan and Germany to become world's fourth largest economy | Daily Mail Online
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We are predicted to overtake Japan and Germany within 20 years to become the world’s fourth largest economy.
In France by contrast, the situation is so dire that it could suffer the humiliation of being expelled from the elite G8 group of the world’s largest economies.
Britain leapfrogged France in 2014 to become the world's fifth largest economy.
Britain 'to boom for years' as the rest of the EU falters: UK could overtake Japan and Germany within two decades to become world's fourth largest economy
Findings likely to be seized on by Tory Eurosceptics before EU referendum
Suggestion we should build relations with fast-growing India and China
Britain leapfrogged France in 2014 to become world's fifth largest economy
By Daniel Martin and Alex Brummer for the Daily Mail
26 December 2015
Daily Mail
Britain's economy is powering ahead of our faltering European neighbours, according to forecasts that appear to strengthen the case for a UK exit from the EU. Above, Chancellor George Osborne, pictured at the Conservative Party Annual Conference
Britain's economy is powering ahead of our faltering European neighbours, according to forecasts that appear to strengthen the case for a UK exit from the EU.
We are predicted to overtake Japan and Germany within 20 years to become the world’s fourth largest economy.
In France by contrast, the situation is so dire that it could suffer the humiliation of being expelled from the elite G8 group of the world’s largest economies.
The findings of the Centre for Economics and Business Research will be seized on by Tory Eurosceptics in the run-up to the referendum on British membership of the EU expected next year.
They will see it as evidence that Britain’s economy is so strong that we could easily survive outside the EU and would do better to build relations with the fast-growing India and China.
The CEBR’s World Economic League Table confirmed that Britain leapfrogged France in 2014, making the UK the world’s fifth largest economy.
It predicts, however, that the size of India’s economy is expected to exceed the UK’s in 2019, thanks to its much larger population. Despite this, Britain still hands India tens of millions a year in foreign aid.
China is expected to overtake the US as the world’s largest economy in 2028, with India leapfrogging it some time after 2050. The CEBR said: ‘The United Kingdom is projected to be the best-performing economy in Western Europe and after overtaking France in 2014 is likely to overtake Germany and Japan during the 2030s.
‘Indeed the UK could reach the giddy heights of becoming the world’s fourth largest economy during the 2030s, if it manages to overtake Japan before it is itself overtaken by Brazil.
‘The UK’s strength is its cultural diversity and its strong position in software and IT applications. Its weakness is its bad export position and unbalanced economy.’
Last year, the same forecasters said Britain would overtake Germany as Europe's largest economy in 2030 for the first time since 1954. Now they say that will be delayed a few years as Germany’s population will be more than a million larger than expected because of migration, mainly from Syria.
‘Germany is forecast to be held back by the weakness of the rest of the EU, which it will be increasingly forced to subsidise if the euro is to survive,’ the CEBR said.
We are predicted to overtake Japan and Germany within 20 years to become the world’s fourth largest economy (stock image)
Weaker economies such as France and Italy are slipping way down the table and face exclusion from the G8 and eventually even the G20 as their economies persistently underperform. Russia is also set to continue to do badly, thanks to falling oil prices, the weak rouble and economic sanctions.
The CEBR said all oil-based economies are set to do worse than previously expected – another blow to the SNP who claim North Sea oil could help maintain an independent Scotland.
Britain’s success aside, Western Europe is expected to be the slowest-growing region over the next two decades. France’s prospects are described as ‘dire’, with the pace of economic reform ‘far too slow even for it to tread water’.
Danae Kyriakopolou, who leads CEBR’s global research, said: ‘China’s slower than expected growth and risks around the sustainability of its debt are reflected in a delay in the date when it is expected to overtake the US. Europe’s economic weakness is likely to be reflected in France, Italy and Russia being dropped from the G8.’
Read more: UK could overtake Japan and Germany to become world's fourth largest economy | Daily Mail Online
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