Britain will be the fastest growing major economy in the developed world between now and 2050, according to a report published today.
The UK is forecast to expand at an average rate of 1.9 per cent a year for the next three decades.
That would be faster than the expansion expected in the rest of the Group of Seven industrialised nations – the United States, Canada, Japan, Germany, France and Italy.
The PwC report – The World in 2050 – notes that Britain has a younger population than other G7 countries with a higher proportion of people of working age.
Brexit will be another factor in the UK's rapid economic expansion.
UK economy to beat the world 'for the next 30 years': Britain is expected to expand at a rate of 1.9% a year
UK economy will grow faster than US, Canada, Japan, Germany, France and Italy
Upbeat outlook by PricewaterhouseCoopers is in contrast to Brexit doomsayers
By Hugo Duncan Deputy Finance Editor For The Daily Mail
7 February 2017
Britain will be the fastest growing major economy in the developed world between now and 2050, according to a report published today.
The UK is forecast to expand at an average rate of 1.9 per cent a year for the next three decades.
That would be faster than the expansion expected in the rest of the Group of Seven industrialised nations – the United States, Canada, Japan, Germany, France and Italy.
Construction projects such as the Queensferry Crossing (pictured) will boost growth in Britain
The upbeat outlook in the report by PricewaterhouseCoopers is in stark contrast to the doom-laden warnings of economic catastrophe issued during the referendum campaign.
Official figures have shown the UK grew by 0.6 percent in the third quarter and again in the fourth quarter – making Britain the fastest growing economy in the G7 in 2016.
The PwC report – The World in 2050 – notes that Britain has a younger population than other G7 countries with a higher proportion of people of working age.
It also points out that the UK is ‘relatively flexible by European standards’ with less bureaucracy and red tape.
‘With potential annual growth of around 1.9 per cent, the UK is projected to be the fastest growing economy in the G7 over the whole period to 2050,’ PwC says.
It warns, however, that ‘developing successful trade and investment links with faster-growing emerging economies will be critical’ following Brexit.
The report comes days after the Bank of England admitted it was far too gloomy about the outlook for Brexit Britain.
The Bank last week said the economy was set to grow by 2 per cent again this year – more than double the 0.8 per cent rate of expansion it forecast in August.
Crossrail (pictured) which is due to open in 2018 will speed the time it takes to get from Heathrow to central London and is expected to create significant growth along its route
It marked a humiliating U-turn for Governor Mark Carney who before the referendum warned a vote to leave could tip the economy into recession.
‘Growth has been markedly stronger since the middle of 2016 than projected in August,’ the Bank admitted.
Kevin Dowd, professor of finance and economics at Durham University, said: ‘The UK economy will do better precisely because of Brexit – not despite it.
‘The reason why the economy will do better after Brexit is because we won’t have the stifling regulations of the single market and we have the opportunity to go for free trade deals with the rest of the world.
‘We can make new trade arrangements with the United States and others. This is potentially a very great benefit for the economy.
‘The Treasury, the Bank of England and lots of the big outfits got it completely wrong.
‘The Treasury’s Brexit report was an absolute farce. The Bank of England also said the world would end if we voted to leave. But it has now revised its view.’
Former chancellor George Osborne, the chief architect of Project Fear, said a vote to leave the European Union ‘would represent an immediate and profound shock to our economy’.
In the so-called ‘dossier of doom’ published before the referendum in June, the Treasury said the economy would suffer a punishing year-long recession following a Brexit vote.
The UK is forecast to expand at an average rate of 1.9 per cent a year for the next three decades.
That would be faster than the expansion expected in the rest of the Group of Seven industrialised nations – the United States, Canada, Japan, Germany, France and Italy.
The PwC report – The World in 2050 – notes that Britain has a younger population than other G7 countries with a higher proportion of people of working age.
Brexit will be another factor in the UK's rapid economic expansion.
UK economy to beat the world 'for the next 30 years': Britain is expected to expand at a rate of 1.9% a year
UK economy will grow faster than US, Canada, Japan, Germany, France and Italy
Upbeat outlook by PricewaterhouseCoopers is in contrast to Brexit doomsayers
By Hugo Duncan Deputy Finance Editor For The Daily Mail
7 February 2017
Britain will be the fastest growing major economy in the developed world between now and 2050, according to a report published today.
The UK is forecast to expand at an average rate of 1.9 per cent a year for the next three decades.
That would be faster than the expansion expected in the rest of the Group of Seven industrialised nations – the United States, Canada, Japan, Germany, France and Italy.
Construction projects such as the Queensferry Crossing (pictured) will boost growth in Britain
The upbeat outlook in the report by PricewaterhouseCoopers is in stark contrast to the doom-laden warnings of economic catastrophe issued during the referendum campaign.
Official figures have shown the UK grew by 0.6 percent in the third quarter and again in the fourth quarter – making Britain the fastest growing economy in the G7 in 2016.
The PwC report – The World in 2050 – notes that Britain has a younger population than other G7 countries with a higher proportion of people of working age.
It also points out that the UK is ‘relatively flexible by European standards’ with less bureaucracy and red tape.
‘With potential annual growth of around 1.9 per cent, the UK is projected to be the fastest growing economy in the G7 over the whole period to 2050,’ PwC says.
It warns, however, that ‘developing successful trade and investment links with faster-growing emerging economies will be critical’ following Brexit.
The report comes days after the Bank of England admitted it was far too gloomy about the outlook for Brexit Britain.
The Bank last week said the economy was set to grow by 2 per cent again this year – more than double the 0.8 per cent rate of expansion it forecast in August.
Crossrail (pictured) which is due to open in 2018 will speed the time it takes to get from Heathrow to central London and is expected to create significant growth along its route
It marked a humiliating U-turn for Governor Mark Carney who before the referendum warned a vote to leave could tip the economy into recession.
‘Growth has been markedly stronger since the middle of 2016 than projected in August,’ the Bank admitted.
Kevin Dowd, professor of finance and economics at Durham University, said: ‘The UK economy will do better precisely because of Brexit – not despite it.
‘The reason why the economy will do better after Brexit is because we won’t have the stifling regulations of the single market and we have the opportunity to go for free trade deals with the rest of the world.
‘We can make new trade arrangements with the United States and others. This is potentially a very great benefit for the economy.
‘The Treasury, the Bank of England and lots of the big outfits got it completely wrong.
‘The Treasury’s Brexit report was an absolute farce. The Bank of England also said the world would end if we voted to leave. But it has now revised its view.’
Former chancellor George Osborne, the chief architect of Project Fear, said a vote to leave the European Union ‘would represent an immediate and profound shock to our economy’.
In the so-called ‘dossier of doom’ published before the referendum in June, the Treasury said the economy would suffer a punishing year-long recession following a Brexit vote.
