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    Britain 'will have fastest growing economy out of G7 nations until 2050

    The UK economy is expected to outstrip Germany, France and Italy for the next 33 years - notching up annual average growth of 1.9%, according to PwC.

    Chief economist John Hawksworth said growth depended on Britain remaining open to talented people from around the world, with Brexit causing "some medium-term drag".

    "Our relatively positive long-term growth projection for the UK is due to favourable demographic factors and a relatively flexible economy by European standards," he added.

    54 Comments

    and yet one or two hukd members will find a negative in this, despite constantly telling others their future is in their hands.

    How can anyone predict what will happen for the next 33 years? Another over hyped report.

    donaldduck2

    How can anyone predict what will happen for the next 33 years? Another … How can anyone predict what will happen for the next 33 years? Another over hyped report.



    A lot of this comes down to something called "labour force" and what most countries have, esp. Ger and USA is a dwindling labour force which not only messes up your output power but the people who are not in the labour force cost you taxes.

    You can only adjust your labour force by having more working ages people. To be successful they need to match your economic employment requirements. IE: Uneducated, unskilled Afghans wont work at replacing aging, skilled, technicals in your labour force.

    Hence, it is somewhat predictable. Language barriers Ger (for example) and it not being very desirable place to live or move to from another 1st world country mean its ability to "brain drain" or attract the right people from else where is quite small.

    Edited by: "groenleader" 7th Feb

    Original Poster

    donaldduck2

    How can anyone predict what will happen for the next 33 years? Another … How can anyone predict what will happen for the next 33 years? Another over hyped report.


    crunching historical data, debt profile, growth profile and taking into account dynamism of stale Europe.

    davewave

    LINK TO MORE GOOD NEWS


    Dave, we are both old enough to have heard this sort of 'good news' from various governments over the years, but the bottom line is all that 'good news' never seems to make the slightest bit of difference to peeps like those struggling with housing issues in another thread on here.

    The hard working struggling people have had loads of 'good news' - we were saturated with it when Thatcher was closing everything down, Major took time out from bonking Currie to constantly tell us how much better off we all were, then we had the Labour lot singing 'things can only get better' - but for the hard working struggling people it actually got worse.

    And, now at a time when more and more peeps are being laid off and joining the rat-race to find the only work available in zero-hours contracts - where they sometimes get no work for weeks, can't pay their bills, get treated like chit by DWP, struggling to find and keep a house, . . . . we get this 'good news'.

    Going by all the 'good news' over the years having little to no effect on those people struggling to make a living - I'm begining to wonder exactly who this is 'good news' for, because it's certainly never been good news for the general population in the past, so who is it 'good news' for - the government?

    wonder what the national debt will be by then as it's close to £2 trillion now. supposed to record highs in employment yet the debt still goes up.

    donaldduck2

    How can anyone predict what will happen for the next 33 years? Another … How can anyone predict what will happen for the next 33 years? Another over hyped report.



    I sort of agree, It's like saying that in 1985 brexit was predicted, the financial recession was predicted, the Silicon Valley bubble was predicted etc..

    33 Years is a hell of a lot of time and no one can predict what will happen in that time, We are on the verge of useful robotics entering the home, who is to say how that will affect the work force? things like driverless cars and trucks, hyperloop technology etc will change the landscape of the country and how we work.

    But this story clearly shows that the fear mongering around brexit was exactly that, and no one really could predict the outcome..

    Edited by: "haritori" 7th Feb

    i blame brexit

    tryn2help

    Dave, we are both old enough to have heard this sort of 'good news' from … Dave, we are both old enough to have heard this sort of 'good news' from various governments over the years, but the bottom line is all that 'good news' never seems to make the slightest bit of difference to peeps like those struggling with housing issues in another thread on here.The hard working struggling people have had loads of 'good news' - we were saturated with it when Thatcher was closing everything down, Major took time out from bonking Currie to constantly tell us how much better off we all were, then we had the Labour lot singing 'things can only get better' - but for the hard working struggling people it actually got worse.And, now at a time when more and more peeps are being laid off and joining the rat-race to find the only work available in zero-hours contracts - where they sometimes get no work for weeks, can't pay their bills, get treated like chit by DWP, struggling to find and keep a house, . . . . we get this 'good news'. Going by all the 'good news' over the years having little to no effect on those people struggling to make a living - I'm begining to wonder exactly who this is 'good news' for, because it's certainly never been good news for the general population in the past, so who is it 'good news' for - the government?



    Major said you would be better off in the future and he was right with in reason. Probably the most understated PM ever. He laid so much ground work for things like the Olympic teams now, he grew the economy carefully that gave Blair the good times.

    He really was a good, forward thinking PM.
    Edited by: "groenleader" 7th Feb

    Original Poster

    tryn2help

    Dave, we are both old enough to have heard this sort of 'good news' from … Dave, we are both old enough to have heard this sort of 'good news' from various governments over the years, but the bottom line is all that 'good news' never seems to make the slightest bit of difference to peeps like those struggling with housing issues in another thread on here.The hard working struggling people have had loads of 'good news' - we were saturated with it when Thatcher was closing everything down, Major took time out from bonking Currie to constantly tell us how much better off we all were, then we had the Labour lot singing 'things can only get better' - but for the hard working struggling people it actually got worse.And, now at a time when more and more peeps are being laid off and joining the rat-race to find the only work available in zero-hours contracts - where they sometimes get no work for weeks, can't pay their bills, get treated like chit by DWP, struggling to find and keep a house, . . . . we get this 'good news'. Going by all the 'good news' over the years having little to no effect on those people struggling to make a living - I'm begining to wonder exactly who this is 'good news' for, because it's certainly never been good news for the general population in the past, so who is it 'good news' for - the government?


    Take a trip to Greece who are suffering from close to zero growth, the alternative to growth reduces the ability of businesses and government to raise cash, employ people and raise funds for hospitals schools etc.
    Edited by: "davewave" 7th Feb

    We certainly can achieve this, if we strike the right deals and continue to be a world centre for services.

    But this is reliant on maintaining the status quo and continuing the shift towards globalisation that we've been on for the last 40 years. That means continued hardship for low-skilled British workers and those most likely to have voted for Brexit.

    So we need to remain open to foreign talent, continue exploiting cheap labour in emerging markets and base our economy more and more around our services sector.

    GDP may grow but it won't be evenly distributed and you'll see a more divided Britain, which is fine if you're on the right side.

    At the same time China and India become the 2 largest economies .. Will that growth spell the end of cheap labour or will the companies find alternative penny an hour labour elsewhere?

    HotEnglishAndWelshDeals

    We certainly can achieve this, if we strike the right deals and continue … We certainly can achieve this, if we strike the right deals and continue to be a world centre for services.But this is reliant on maintaining the status quo and continuing the shift towards globalisation that we've been on for the last 40 years. That means continued hardship for low-skilled British workers and those most likely to have voted for Brexit.So we need to remain open to foreign talent, continue exploiting cheap labour in emerging markets and base our economy more and more around our services sector.GDP may grow but it won't be evenly distributed and you'll see a more divided Britain, which is fine if you're on the right side.



    ​in your mind then, continuing everything just the same as before brexit, well done for that great understanding of the feeling in the country,

    Wait, aren't we supposed to be "fed up" of experts?

    paulsalmon77

    Wait, aren't we supposed to be "fed up" of experts?


    Not the experts you agree with

    shadey12

    ​in your mind then, continuing everything just the same as before brexit, … ​in your mind then, continuing everything just the same as before brexit, well done for that great understanding of the feeling in the country,



    I do understand the feeling in this country. People are upset because traditional industries got shipped overseas and small towns lost their economies.

    At the same time cities like London, Manchester, Bristol etc. saw their economies grow and the gap between the haves and have-nots has grown.

    Is that right?

    Oh and we also imported cheap labour to keep costs low by driving down wages.

    Have I forgotten anything? Is that all your grievances?

    There's experts and 'experts'.

    HotEnglishAndWelshDeals

    I do understand the feeling in this country. People are upset because … I do understand the feeling in this country. People are upset because traditional industries got shipped overseas and small towns lost their economies. At the same time cities like London, Manchester, Bristol etc. saw their economies grow and the gap between the haves and have-nots has grown.Is that right? Oh and we also imported cheap labour to keep costs low by driving down wages.Have I forgotten anything? Is that all your grievances?



    I ​didn't say it was my grievances, perhaps you could tell us yours though. As your constantly banging the same repetitive drum, tell us your ideal vision for the people and the future of this great country of ours.

    shadey12

    I ​didn't say it was my grievances, perhaps you could tell us yours t … I ​didn't say it was my grievances, perhaps you could tell us yours though. As your constantly banging the same repetitive drum, tell us your ideal vision for the people and the future of this great country of ours.



    The status quo is fine by me, but did I actually get 'the feeling' of this country down? Did I miss anything?

    ssshhhhh..... Remainers will just claim this as nonsense as no one knows the future, yet point you to their experts who said we are all doomed, because dont you know, remain voters experts can predict the future, we leave voters are not afforded the same luxury

    This is from the same report...

    "Britain will see some of its power diminish by 2050, slipping from 9th to 10th place in the global economy rankings based on gross domestic product (GDP) purchasing power parity (PPP).

    The UK could also slide from 5th to 9th place over the period when measuring GDP at market exchange rates, according to The World in 2050 report."

    Not ALL good news then?

    Aeschylus

    ssshhhhh..... Remainers will just claim this as nonsense as no one knows … ssshhhhh..... Remainers will just claim this as nonsense as no one knows the future, yet point you to their experts who said we are all doomed, because dont you know, remain voters experts can predict the future, we leave voters are not afforded the same luxury



    This report actually points to short and mid-term turbulence and bases a lot of it's findings on things broadly remaining the same domestically whilst also making some assumptions that our post-Brexit trade deals will be favourable.

    Some might call that overly-optimistic but it will require us to focus on our areas of strength, which will almost inevitably lead to the gap between rich and poor growing in this country.

    donaldduck2

    How can anyone predict what will happen for the next 33 years? Another … How can anyone predict what will happen for the next 33 years? Another over hyped report.



    They can't. No Financial modelling or forecasting has even been able to accurately predict 33 years ahead. The report even outlines some caveats that would render their predictions null and void. They're basically saying at best "if everything stays as we think it might, then our predictions might come true....maybe".

    Of course you can predict 33 years .
    The NHS if it exists will still be in crisis.
    There still won't be enough affordable homes
    The train network will still not be fit for purpose
    Gas/electric will still be too expensive
    Coronation St will still be on
    Cliff will still be god bothering.

    Original Poster

    BagABargain78

    This is from the same report..."Britain will see some of its power … This is from the same report..."Britain will see some of its power diminish by 2050, slipping from 9th to 10th place in the global economy rankings based on gross domestic product (GDP) purchasing power parity (PPP).The UK could also slide from 5th to 9th place over the period when measuring GDP at market exchange rates, according to The World in 2050 report."Not ALL good news then?


    9th to 10th place, oh noooooooooooooooo!
    https://i.imgflip.com/wwqz9.jpg

    HotEnglishAndWelshDeals

    The status quo is fine by me, but did I actually get 'the feeling' of … The status quo is fine by me, but did I actually get 'the feeling' of this country down? Did I miss anything?



    ​you miss quite a lot every time you post heawd, that's why I was asking for your vision. we know you don't agree with brexit but that's in the past, what about the future.

    shadey12

    ​you miss quite a lot every time you post heawd, that's why I was asking f … ​you miss quite a lot every time you post heawd, that's why I was asking for your vision. we know you don't agree with brexit but that's in the past, what about the future.



    For a successful economy?

    We need to continue growing in the areas we have been. We're a service-based economy so that's where we focus and unfortunately we're almost certainly going to need to cut corporation taxes (something I'm not comfortable doing, but it's what we'll need to do to offset Brexit turbulence).

    We're not going to become a manufacturing giant, we're not going to bring back manufacturing jobs and growth is going to happen in the cities so that town/city split will continue. London will be the biggest driver.

    We'll need to continue to be open to overseas talent, but there is absolutely room for growth with emerging economies but the terms will be less favourable than they would be with the EU.

    Ultimately we're going to need to continue doing what we've been doing, but there will be less protection for workers, less low-skilled jobs and a greater distance between the haves and have-nots. Globalisation happened, it's rubbish for low-skilled workers in developed countries but there's no going back.

    Anything you disagree with?

    davewave

    9th to 10th place, oh noooooooooooooooo!



    5th to 9th? Point is, the report isn't all good news and at best is pure speculation. It might come true, but in reality it probably won't. So the good news isn't really that good and the bad news isn't really that bad. It's just speculation rather than news.

    well if u read the article it's not good news the headlines maybe but going for 5 to 9 postion almost half and then the likes of China India Malaysia being better off.

    Don't believe the experts

    Original Poster

    BagABargain78

    5th to 9th? Point is, the report isn't all good news and at best is pure … 5th to 9th? Point is, the report isn't all good news and at best is pure speculation. It might come true, but in reality it probably won't. So the good news isn't really that good and the bad news isn't really that bad. It's just speculation rather than news.



    ​hence why I am weeping.

    Original Poster

    HotEnglishAndWelshDeals

    For a successful economy?We need to continue growing in the areas we have … For a successful economy?We need to continue growing in the areas we have been. We're a service-based economy so that's where we focus and unfortunately we're almost certainly going to need to cut corporation taxes (something I'm not comfortable doing, but it's what we'll need to do to offset Brexit turbulence).We're not going to become a manufacturing giant, we're not going to bring back manufacturing jobs and growth is going to happen in the cities so that town/city split will continue. London will be the biggest driver.We'll need to continue to be open to overseas talent, but there is absolutely room for growth with emerging economies but the terms will be less favourable than they would be with the EU.Ultimately we're going to need to continue doing what we've been doing, but there will be less protection for workers, less low-skilled jobs and a greater distance between the haves and have-nots. Globalisation happened, it's rubbish for low-skilled workers in developed countries but there's no going back.Anything you disagree with?



    ​pretty much in line with the government white paper on Brexit so glad you agree with Theresa May.

    davewave

    ​pretty much in line with the government white paper on Brexit so glad y … ​pretty much in line with the government white paper on Brexit so glad you agree with Theresa May.


    So the only real difference between pre- and post-Brexit is likely to be that the UK won't be electing MEPs any more.

    It's a bit sad that the political party to suffer most as a result of this will be UKIP.

    Original Poster

    RonChew

    So the only real difference between pre- and post-Brexit is likely to be … So the only real difference between pre- and post-Brexit is likely to be that the UK won't be electing MEPs any more. It's a bit sad that the political party to suffer most as a result of this will be UKIP.


    Cheer up fella, the bill for Brexit and the negotiation on any payment for exit to EU is undecided.

    It could get better. UKIP wanted UK to leave EU and thankfully for them and all of us a remote mafia organisation which oils the bank accounts of MEPs and their flunkies will come to an end, theyll be pleased I am sure.

    davewave

    ​pretty much in line with the government white paper on Brexit so glad y … ​pretty much in line with the government white paper on Brexit so glad you agree with Theresa May.



    I was suggesting what needs to be done for a successful economy - what I laid out was essentially giving tax breaks to the wealthiest, ignoring the poorest and most vulnerable in society and benefitting the cities whilst forsaking any towns that aren't commuter belts for these cities.

    Basically it's a model to wide the gap between the rich and poor in this country, so at least you understand exactly what the government plans to do post-Brexit.

    Original Poster

    HotEnglishAndWelshDeals

    I was suggesting what needs to be done for a successful economy - what I … I was suggesting what needs to be done for a successful economy - what I laid out was essentially giving tax breaks to the wealthiest, ignoring the poorest and most vulnerable in society and benefitting the cities whilst forsaking any towns that aren't commuter belts for these cities.Basically it's a model to wide the gap between the rich and poor in this country, so at least you understand exactly what the government plans to do post-Brexit.


    how can you pay for the poorest when you dont attract investment?

    davewave

    how can you pay for the poorest when you dont attract investment?



    This isn't a move intended to 'pay for the poorest' though. The cuts to corporation tax are a reaction the negative impact of Brexit, to make us seem more appealing. But the investment is going to play to the strengths of the economy, namely our service sector.

    It's why the comparisons to Singapore are apt, because we're going to be a country designed to offer services around the globe. That leaves low-skilled workers out in the cold, further entrenching the divisions between rich and poor in this country.

    So it's rubbish to ask 'how you can pay for the poorest' when nobody has that intention in mind.

    But if you do increase taxes to help the poorest, the burden will fall on middle-income earners.

    davewave

    Take a trip to Greece who are suffering from close to zero growth, the … Take a trip to Greece who are suffering from close to zero growth, the alternative to growth reduces the ability of businesses and government to raise cash, employ people and raise funds for hospitals schools etc.


    Not good enough, Dave.

    Fifth richest economy in the world, ordinary hard working Joe public struggling to make ends meet, but getting told things are 'good' - it's a flippin insult to Joe's intelligence.

    Further, attempting to placate a struggling man by telling him things are worse elsewhere is akin to telling a drowning man at least he's not drowning in ice-cold antartica, it's just adding insult to injury.

    Original Poster

    tryn2help

    Not good enough, Dave.Fifth richest economy in the world, ordinary hard … Not good enough, Dave.Fifth richest economy in the world, ordinary hard working Joe public struggling to make ends meet, but getting told things are 'good' - it's a flippin insult to Joe's intelligence.Further, attempting to placate a struggling man by telling him things are worse elsewhere is akin to telling a drowning man at least he's not drowning in ice-cold antartica, it's just adding insult to injury.


    whatever my dear friend, you don't realise that when you escape from the mob things will get worse but paying the mob ad infinitum is even more insane.

    Stay in the cult mentality if you prefer but it simply isn't rational.
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