Michael Fabricant has welcomed a Boxing Day growth forecast from the Centre for Economics and Business Research that the UK economy will continue to grow, outstripping other countries. Michael says “According to the Centre for Economics and Business Research, the UK economy is expected to become 10.2% larger than France in 2033, and this is forecast to increase further to 19.9% by 2038. Looking ahead, these forecasts predict Britain will keep its lead as being the fifth or sixth largest economy in the world with an increasing gap ahead of other European countries.
“This augurs well for people living in Lichfield District and the rest of the west midlands who will see their own personal incomes and standard of living rise over the coming years as the world recovers from war and the Covid epidemic. Meanwhile, the UK will become a net exporter of energy early in the 2030s which will help boost our balance of trade.
“But as we enter 2024, I know that things are still tough and with the European Union and its biggest economy, Germany, already in deep recession, I know this will be a difficult time for some manufacturers until continental Europe’s own economy begins to recover. This is expected in the latter half of next year.”