MENU
UK Economics

Britain’s economy to outperform France, Germany and Eurozone, says bombshell report

BRITAIN is in line to outperform France, Germany and the entire Eurozone post-Brexit, according to new figures.

Britain's economy will outperform Germany and other Eurozone members according to a new reportGETTY            Britain’s economy will outperform Germany and other Eurozone members according to a new report


A report from Oxford Economics predicts the UK will strive ahead of its Eurozone peers over the next five years.The UK’s economy is forecast to grow 1.8 per cent between 2017-2021 as Britain leaves the .

By comparison the ’s economy is expected to grow 1.5 per cent with the EU’s economic powerhouse  to increase by just 1.3 per cent.

According to the Oxford Economics’ forecasts ’s economy will grow 1.4 per cent with crisis-ridden  expected to go up 1.1 per cent.

And in another report Britain’s economy is due to grow by 2.7 per cent per year, if the UK goes ahead with devolution and drives powers away from London to the heart of England’s shire counties.

Leaders of England’s largest councils are calling on Government to unleash their economic potential.

Understanding County Economies, commissioned by the County Councils Network (CCN), shows full devolution to country areas could see Britain’s economy grow.

The EU’s economic powerhouse Germany is expected to grow 1.3 per centEPA           The EU’s economic powerhouse Germany is expected to grow 1.3 per cent


By comparison the Eurozone’s economy is expected to grow 1.5 per centAFP            By comparison the Eurozone’s economy is expected to grow 1.5 per cent


The report suggests if Government devolves fiscal powers to England’s county authorities with subsequent tax raising abilities it could boost England’s annual growth to 2.7 per cent a year over five years.Under Oxford Economics’ modelling, if county areas were given full devolution of public spending plus tax retention and raising powers, it could attract jobs and growth to rural areas, generating more than one million new jobs over the next ten years, an extra £26.3bn generated for the national economy over a five-year period and public sector savings of £11.7bn per year over a five-year period.

Richard Holt, Oxford Economics Head of Global Cities Research, said: “ means that to improve exports and manufacturing performance, the Industrial Strategy must look beyond the largest cities.

Britain’s economy is due to grow by 2.7 per cent per year, if the UK goes ahead with devolution GETTY                 Britain’s economy is due to grow by 2.7 per cent per year, if the UK goes ahead with devolution


“Local economies covered by the County Council Network account for over half of England’s manufacturing output and almost 40 per cent of exports.“That makes the CCN economy an important constituent of the whole — big enough not just to be influenced by, but to heavily influence overall economic activity in the UK.

“To be effective the Industrial Strategy and the next phase of devolution should seek to build on that.”

Paul Carter, chairman of the County Councils Network, said the potential of county areas has been overlooked in recent years.

He said: “Successive governments have overlooked county areas in comparison to their metropolitan counterparts.“The overnment’s Industrial Strategy and the country’s post Brexit fortunes depend on whether the potential of England’s sleeping economic giants – its county areas – is unleashed.

“With intelligent devolution deals and empowerment across county areas, so much more could be achieved to support economic growth and prosperity in England.

“We stand ready and waiting to work with this administration to create tangible devolution to our rural areas, ensuring we truly have an economy that works for everyone, and more importantly, an economy that is resilient and able to successfully adjust to life outside the EU.”

http://www.express.co.uk/news/uk/824600/brexit-britain-economy-eurozone-european-union-france-germany-devolution-county-councils

Leave a Reply

Be the First to Comment!

Help put the World to rights and leave a Comment

MENU
Powered by: Wordpress
%d bloggers like this: