Home / Knowledge / News / Textiles / Post-Brexit UK economy to flourish for 10 yrs: report

Post-Brexit UK economy to flourish for 10 yrs: report

29
Dec '19
Pic: Shutterstock
Pic: Shutterstock
The United Kingdom will be among the leading powerhouse economies throughout the next decade, according to the Centre for Economic and Business Research (CEBR). Despite the uncertainty over Brexit, the French economy failed to overtake the UK economy in the 2016-19 period and by 2034, CEBR expects the British economy to be a quarter larger than France’s.

And as wealth floods in from a scheduled multi-trillion pound trade deal with the United States, Prime Minister Boris Johnson can look forward to spearheading the nation’s economy throughout what some have already dubbed the ‘Roaring Twenties’, said the annual World Economic League Table (WELT) by CEBR.

The United States tops the table, with the United Kingdom coming sixth. Others in the top ten are China (2), Japan(3), Germany (4), India (5), France (7), Italy (8), Brazil (9) and Canada (10).

Deals with Australia, Japan and Norway, among others, are also expected to flood in once Britain is free from the shackles of Brussels, according to a British media report.

“Despite fluctuations around inventories as various deadlines for leaving the EU came and went, UK growth continued during 2019 at close to trend rate and the euphoria associated with ending the Brexit paralysis and the decisive defeat of a hard-left Labour party candidate in the December 2019 election could revive inward investment in 2020,” it states.

But the biggest challenge which the UK could face in the early 2020s, the report states, could be maintaining cohesion–with the argument over Scottish independence remaining a headache for Johnson.

The WELT ranks the UK at nine in the world for ease of doing business, well above most other European countries.

And the CEBR expects Britain’s economy to grow annually by 1.9 per cent from 2019 to 2024 and by 1.5 per cent each year between 2024 and 2034.

Fibre2Fashion News Desk (DS)


Must ReadView All

Pic: Shutterstock

Textiles | On 21st Jan 2021

Vietnam's garment-textile sector eyes $39 bn in exports

Vietnam's garment-textile sector has set a target of $39 billion in...

Pic: Shutterstock

Fashion | On 21st Jan 2021

Mila Fashion to open apparel plant in Sri Lanka's Welioya

US-based Mila Fashion, part of the Design Studio Group, recently...

Pic: Citi Trends

Retail | On 21st Jan 2021

Citi Trends to open 100 new stores by fiscal 2023-end

Citi Trends, Inc, a US-based value-priced retailer of fashion...

Interviews View All

Textile industry, Head honchos

Textile industry
Head honchos

Clothes are no more bound by gender

Top executives, Textile industry, India

Top executives
Textile industry, India

The event should be organised every year

Binoy Ravjani, Hero's Fashion

Binoy Ravjani
Hero's Fashion

‘One of the recent trends in hand block printing is the indigo process,...

Wesly Clements,

Wesly Clements

US-based Baldwin Technology Company is a global manufacturer and supplier...

Paolo Crespi,

Paolo Crespi

Japan's Epson, a leader in digital textile printing, Italy's For.Tex, a...

Nick Isles,

Nick Isles

The Condé Nast College of Fashion & Design or CNC as it is known as,...

Marten Alkhagen, Swerea IVF AB

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Hemant Bheda, Arevo

Hemant Bheda
Arevo

Arevo, based in Silicon Valley in California, develops technology to...

Eric Scholler, Groz-Beckert

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Anisha Chaudhari, Threads & Shirts

Anisha Chaudhari
Threads & Shirts

Threads & Shirts is a freshly-tailored concept providing men/women a...

Silvia Venturini Fendi, Fendi s.r.l

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Seema Agrawal, Artisan Saga

Seema Agrawal
Artisan Saga

Artisan Saga, founded by Kaushik Rajani and Seema Agrawal, is an online...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


January 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search