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UK drops out of world’s top five economies

The chancellor Philip Hammond has said that Britain is now the sixth largest world economy, having previously held a solid place in the top five.

The Office of Budget Responsibility has changed its growth forecast for the economy. It had previously stated that it expected the economy to grow by 7.5% over the next five years, but has now revised this down to 5.7%.

Although productivity has risen a little, it remains low and is not expected to significantly increase in the future. With no firm trade agreements yet decided and the amount that the government must pay to the EU before leaving not yet agreed upon, uncertainty over Brexit – which Cheshire West and Chester voted in favour of, but Liverpool and Wirral voted against – remains a factor.

Despite these negative indicators, Hammond remains optimistic and said:

“London is the number one international financial services centre. We have some of the world’s best companies. And a commanding position in a raft of tech and digital industries that will form the backbone of the global economy of the future. Those who underestimate Britain, do so at their peril.”

As the sixth largest world economy, Britain is still a large economic country, with many residents coping well financially. Stocks in UK and US companies are high, and with the help of an investment planner, good returns can be made by investing in British companies. Mark Dampier of investment shop Hargreaves Lansdown recommends putting a third of a person’s wealth in money, a third in shares and a third in bonds in order to protect wealth.

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