Brexit Britain has been handed a huge win in a humiliating blow for Remoaners. The UK has been projected to hit one percent growth by the end of the year, knocking out the competition, a leading economist has said.
The estimate has been lauded by Brexiteers as a positive sign for Britain’s exit from the EU. It has been forecast that inflation will recede, interest rates will fall, living standards will improve and investment will pick up.
The latest analysis by Dan Hanson, Bloomberg’s chief UK economist, suggests the UK economy is expected to grow one percent by the start of 2025 in a dramatic turnaround of expectations. The number could be even higher, Mr Hanson said, if the optimism created by this prompts Brits to spend some of their excess savings – meaning it could reach 1.9 percent.
Sharing the stats, GB News presenter Andrew Pierce said: “Eat your heart out Remainers.”
This rate would put the UK at the top of the G7 economies for growth. Japan and Germany are currently predicted to finish 2024 in a recession.
While Bank of America strategist Kamal Sharma predicts the pound will surge to be the equivalent of $1.37, which would be its highest level in over two years. He said two years ago there was an “existential” sterling crisis, but now predicts “the pound is the US dollar of Europe”.
British Land Co. CEO Simon Carter told Bloomberg he was “cautiously optimistic”, saying the Government has “made changes” by fixing Britain’s relationship with the EU and bringing taxes down, “that’s creating a more positive backdrop for investment”.
Both party leaders are promising to focus on growth as they head into this year’s election.
Growth could be further boosted by Chancellor Jeremy Hunt’s Budget announced later today, which is predicted to introduce several tax cuts that will both further promote growth and prove popular with the public.
According to the latest reports, Hunt’s statement will be a two-percentage-point reduction in national insurance, costing about £10bn a year. The Spring Budget is also expected to contain a £5bn boost for motorists as Hunt is rumoured to be looking at continuing the freeze in fuel duty that’s been in place for several years.
However there remain issues for Britain. The UK’s productivity, which impacts its long-term potential, is a fifth weaker than in Germany, France and the US. Meanwhile average weekly earnings have improved just two percent in 14 years since 2010, adjusting for inflation.
