Don’t tell the doom-mongers! UK’s economy has grown faster than France, Japan and Italy

Jeremy Hunt has said the UK’s economy has grown faster than France, Japan and Italy since 2010 in a major boost to the country. The Chancellor has been setting out his plans for the economy, adding that “the strongest grounds for optimism” comes from our “long term prospects”. He said during a speech in Central London: “Like every G7 country, our growth was slower in the years after the financial crisis than before it.

“But since 2010 the UK has grown faster than France, Japan and Italy. Not at the bottom, but right in the middle of the pack.”

He added: “Since the Brexit referendum, we have grown at around the same rate as Germany.

“Yes, we haven’t returned to pre-pandemic employment or output levels, but an economy that contracted 20 percent in a pandemic still has nearly the lowest employment for half a century.

“Whilst our public sector continues to recover more slowly than we would like from the pandemic, strengthening the case for reform, our private sector has grown seven-and-a-half percent in the last year.”

“Yes, inflation has risen, but it is still lower than in 14 EU countries, with interest rates rising more slowly than in the US or Canada.

“Last week, a survey of business leaders by PwC said the UK was the third for CEOs expanding their businesses.

“The strongest grounds for optimism comes not from debating this or that way of analysing data, but from what we have been hearing about this morning – our long-term prospects.

“When it comes to the innovation industries that will shape and define this century, the UK is powerfully positioned to play a leading role.”

When outlining his plan for growth, the Chancellor said this would be based on what he described as his “four pillars”.

The four pillars, all beginning with the letter “E”, are: enterprise, education, employment and everywhere.

Mr Hunt said he will use these pillars as a “framework” against to assess individual policies, adding they are “essential for any modern, innovation-led economy”.

The Chancellor also wants Brexit to become a “catalyst” for economic growth in order to reduce the “weaknesses” in the UK economy.

He said: “We want to be one of the most prosperous countries in Europe. Today I want to set out our plan to address those issues.

“That plan, our plan for growth is necessitated, energised and made possible by Brexit. The desire to move to a high-wage, high-skill economy is one shared on all sides of that debate.

“We need to make Brexit a catalyst for the bold choices that will take advantage of the nimbleness and flexibilities that it makes possible.”

The Chancellor also claimed Brexit has provided the UK with the opportunity to change its regulations so that innovative companies can more easily access funds.

Mr Hunt said that “Britain needs a more positive attitude to risk-taking”, as it is “too cautious compared to our US friends.”

He added: “Brexit is an opportunity not just to change regulations, but also to work with our experienced, effective, and independent regulators.

“To create an economic environment which is more innovation friendly, and more growth focused.”

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