UK could be Europe’s ‘largest’ economy by 2030
- The UK will be in a position to overtake Germany as Europe’s largest economy, according to the think tank the Centre for Economic and Business Research (CEBR).
- The CEBR predicts that Germany will lose its current top spot in Europe by 2030.
- The report echoes the recent confidence of other business groups such as the British Chambers of Commerce (BCC).
- The UK will overall perform second best of all advanced economies, the CEBR said.
- Yet, this performance will still lag behind growth in emerging countries such India and Brazil.
- The CEBR in its report added that in addition to the UK’s population growth boosting economic expansion, that “lesser dependence on other European economies” would also aid progress, as well as “relatively low taxes by European standards.”
- However, as far as Germany, the group said that should the euro “break up”, that “Germany’s outlook would be much better.”
- As for France, the CEBR said it will be one of the “worst performing” of the Western economies, and will be overtaken by the UK by 2018. This is because of slow growth due to “high taxation” in addition to the general issues of eurozone economies.
Projections for 2028
(Cebr’s World Economic League Table 2013)*
*The Cebr World Economic League Table (WELT) is an annual calculation by Cebr. The base data is taken from the IMF World Economic Outlook and the GDP forecast draws on Cebr’s Global Prospects model to forecast growth, inflation and exchange rates. Cebr is a leading independent commercial economics consultancy based in London.