Britons are set to be poorer than Turks and Latvians by the 2040s, new research has warned.
Britons are set to be poorer than Turks and Latvians by the 2040s, new research has warned (Image: Getty)
In just a few decades, Brits will be poorer than Turks and Latvians as the UK plummets down the global economic rankings, new research has warned. According to new modelling by the Centre for Economics and Business Research (Cebr), Britain will only be the 46th richest country in the world by 2050, despite ranking 30th last year.
The UK was the 25th richest country in the world, based on GDP per capita between 1998 and 2003. According to Cebr, Lithuania will overtake the UK in GDP per capita by 2030, followed by Czechia and Saudi Arabia a year later and Poland in 2034. By 2043, Turkey and Latvia will also enjoy higher GDP per capita than the UK, while Panama and Slovakia will have higher living standards by 2050. The research shows that the average Brit is also set to become poorer over the next 25 years, in relative terms, compared to neighbouring countries.
The average Brit is set to become poorer over the next 25 years compared to neighbouring countries (Image: Getty)
Cebr’s new World Economic League Table Projections are included in a new book, Prosperity Through Growth, written by several authors, including Lord Matthew Elliott, Lord Michael Hintze, Douglas McWilliams and American economist Dr Arthur Laffer. The team asked Cebr to translate their World Economic League Table into implications for comparative GDP per capita at purchasing power parity (PPP) up to 2050 – a measure of a country’s economic output per person, adjusted for differences in the cost of living.
According to the study, Turkey is the poorest country forecast to overtake the UK in less than 20 years. The nation currently has a GDP per capita of £26,539 – less than two-thirds of the UK’s current £40,575.
According to the Daily Mail, the only two countries forecast to fall behind the UK over this period are Canada and France, falling from 26th to 54th and 27th to 49th, respectively. The former is suffering from high household debt and slow investment, while the latter is facing political turmoil, a high debt-to-GDP ratio and a lack of spending control.
Rachel Reeves has been offered 24 policy proposals to list the UK’s position from 46th to 19th (Image: Getty)
Cebr based their projections on calculations using comparative GDP per capita in 2017 dollar purchasing power, adjusted to the comparative cost of living, out to 2050.
Prosperity Through Growth, set to be released before next month’s UK Budget, offers Chancellor Rachel Reeves’s 24 policy options to boost economic growth by an additional 7% in five years and nearly 30% over 20 years. The book argues that if these plans are implemented, the UK’s GDP per capita would rise from a projected £55,737 to £71,789. This would lift Britain’s position in the league table from a projected 46th position to 19th.
The book’s policy proposals include merging National Insurance and tax on income into a single flat tax, adopting a “smart Net Zero” approach which focuses on making energy costs cheaper and slashing business regulation.
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