Post Brexit : UK officially falls out of world’s top five economies, Government admit

[Tennis]

http://www.independent.co.uk/news/bu...-a8071046.html

The UK appears to have officially lost its coveted spot on the list of the world’s five largest economies.

During Wednesday’s Budget, Philip Hammond, in a series of statements aimed at highlighting the strength and health of the British economy, admitted that the country has slipped to sixth spot, trailing France.

The other four countries that make up the leaderboard are the US, China, Japan and Germany.

“London is the number one international financial services centre. We have some of the world’s best companies. And a commanding position in a raft of tech and digital industries that will form the backbone of the global economy of the future. Those who underestimate Britain, do so at their peril,” the Chancellor said.


UK productivity and growth forecasts slashed, Hammond admits

But he also admitted, “Britain is the world’s sixth largest economy”.

There are several ways of measuring the size of an economy. According to data from the World Bank, ranked by gross domestic product for 2016, the UK still easily outpaced France with a GDP of $2.618 trillion. But according to IMF forecasts for 2017, France has leap-frogged the UK.

Separately on Wednesday, the Treasury’s official forecasting dramatically slashed its growth predictions for this year and next for the UK, delivering its worst forecast for economic expansion for the country in its history.

The Office for Budget Responsibility said that it now sees the economy growing by just 1.5 per cent this year and 1.4 per cent next, down from a previous estimate of 2 per cent and 1.6 per cent, respectively.


Back in March, the OBR had said that it expected the economy to grow by 7.5 per cent in the five years coming years. It now expects that figure to be just 5.7 per cent over that period.

Productivity has been an Achilles heel of the UK’s economy since the financial crisis, and on Wednesday the OBR said that while it expects productivity growth to pick up “a little” in future, it will “remain significantly lower than its pre-crisis trend rate throughout the next five years”.

Earlier this year, the professional services firm PwC said that the UK could be down to 10th place in the list of the world’s biggest economies by 2050.

Ouch. Post brexit this is only going to get worse. At the end of the day I just hope that other countries can learn a lesson from this.

[Deleted]

You're the only one surprised Tennis - most BREXIT voters understood this

[Deathknightish]

Literally everybody on the pro-side said that it will get worse before it gets better. This surprises noone.

[Trassk]

Wasn't this foretold by almost everybody that knew anything about economics? Why act surprised now

Its Tennis, he/she is trying to gain sjw brownie points by being snarky about the roadbumps everyone knew the uk would go through, since leaving europe is an awful thing apparently since it will mean we can control how many migrants we take in instead of Brussels doing it.

[Avar ize]

Its Tennis, he/she is trying to gain sjw brownie points by being snarky about the roadbumps everyone knew the uk would go through, since leaving europe is an awful thing apparently since it will mean we can control how many migrants we take in instead of Brussels doing it.

Wait, what?? UK is leaving Europe now? Like just sail the entire country away???

[Deleted]

Reducing immigration by tanking the economy may sound like a solid plan to the brextremists, to the rest of us is a fucking disaster.

They view it as a longtime investment worth it in 10+ years

[Daws]

Leaving the EU was always going to be complicated but if the complication at present is simply dropping from 5th to 6th I'll gladly take that as an alternative to sticking with the stagnant beast that is the EU. Considering also that pretty much the first job on the table after UK leaves is vote in an EU army so they can start a p*ssing contest with Russia I'm very happy were getting out.

[Dundebuns]

We've not even left yet and we've slipped a place. I'm not looking forward to what happens when this bullshit continues to progress.

[Pann]

You're the only one surprised Tennis - most BREXIT voters understood this

They did? C'mon they all know this nothing more than Project Fear

[prwraith]

I mean anyone with a brain knew brexit was a bad idea. The same people who voted brexit would likely vote trump.

We're in the era of dumbasses and it's only going down from here.

[Pann]

Its Tennis, he/she is trying to gain sjw brownie points by being snarky about the roadbumps everyone knew the uk would go through, since leaving europe is an awful thing apparently since it will mean we can control how many migrants we take in instead of Brussels doing it.

We have complete control over how many non-EU migrants enter the country and we are able to remove EU migrants who are not contributing to the country, yet choose not to. I am surprised that you knew how something extremely complex such as the economy would react yet you are seemingly unaware of the realities of the UK's immigration policies.

[Ichifails]

Wait, what?? UK is leaving Europe now? Like just sail the entire country away???

I mean...

[Woadnson]

I for one, am fully looking forward to Brexit shoving us back into the dank mess of 80's Britain. The graffiti will be great! The clothes will be ridiculous! The black market will thrive again!

[Deleted]

This country has been on the decline for years, its nothing to do with Brexit, Britain is an old market. Most companies are moving to asia because thats where money is. They have big populations and hard working people, they are getting high educated people so its no wonder alot of companies are leaving the UK.

This country will continue to decline so blaming everything on brexit is a joke. Asia is where its at now.

[Deleted]

You're the only one surprised Tennis - most BREXIT voters understood this

People who orchestrated this whole campaign didn't have the slightest clue of its full consequences, but here you are claiming that your average chav understood everything? No. Simple people comprehend only simple things. Your post - case in point.

[Kalis]

I for one, am fully looking forward to Brexit shoving us back into the dank mess of 80's Britain. The graffiti will be great! The clothes will be ridiculous! The black market will thrive again!

The 80s were alright economically, at least in the South they were, it was the 70s that we were in a mess.


OT: There wasn’t much of a gap between us and France anyway, if the political issues in Germany start affecting the Euro that might put us back into 5th before the end of the year.

[Noradin]

They view it as a longtime investment worth it in 10+ years

A longtime investment that you automatically reinvest in full every 10+ years till kingdom come?

[Deleted]

People who orchestrated this whole campaign didn't have the slightest clue of its full consequences, but here you are claiming that your average chav understood everything? No. Simple people comprehend only simple things. Your post - case in point.

Nobody knows the full consequences

[Noradin]

Oh no they are sixth now instead of fifth!?!?!?!

How will they survive!

Foreign Aid from the EU.

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Nobody knows the full consequences

Nice moving of goalpost there.
Apparently "having the slightest clue" is the same as "knowing something", you heard it here first!

[Draco-Onis]

This country has been on the decline for years, its nothing to do with Brexit, Britain is an old market. Most companies are moving to asia because thats where money is. They have big populations and hard working people, they are getting high educated people so its no wonder alot of companies are leaving the UK.

This country will continue to decline so blaming everything on brexit is a joke. Asia is where its at now.

Last I checked they were moving to France, Frankfurt and other European centers because they want access to the open market. Heck even Lloyds of London has said they would do this in case of a hard brexit. Britain is a mature economy that much is true but that doesn't make it immune to economic shocks like brexit, that's not even going into other things like losing skilled labor and being less attractive to new companies.