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

29
Dec '19

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)

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