Listen to the Brexit doom-mongers talking Britain down and you’d think the world’s sixth richest country was on its last legs, about to commit economic hara-kiri.
While Tories squabble over the EU, the Left howls that hundreds of thousands of people are on the breadline.
But claims that Britain is impoverished and dysfunctional simply ignore the facts.
At Davos in Switzerland, where the global elite are gathered this week, the International Monetary Fund conceded that contrary to earlier downbeat projections, Britain’s growth rate was on course to be at least as robust as those of Germany and France, and growth will accelerate to 1.6 per cent in 2020. Well blow me down!
Even that positive message, like other forecasts since 2016, could prove undercooked.
The latest output and jobs figures show employment jumped by 141,000 in the past three months and the jobless rate fell to just 4 per cent – the lowest in four decades. Contrast this with the eurozone, where it’s almost twice that, at 7.9 per cent.
Even more encouraging for Britain, competition for jobs and the high number of vacancies have pushed wages up by 3.4 per cent, meaning real earnings growth, after taking inflation into account, has hit more than 1 per cent year on year. So much for Labour’s whines that wages are still stagnating.
This translates to more spending power for consumers and a windfall for the Exchequer as national insurance, income tax and VAT receipts rise. That’s one factor behind a boost to the public finances this year, with the deficit down 25 per cent.
Britain is thriving just as the eurozone and wider EU plunges into an economic gloom that may turn into all-out recession.
Even industrial behemoth Germany is listing badly. The jobless rate in France stands at 8.9pc and 10.5pc in Italy. Youth unemployment in Spain is almost 35 per cent.
Political instability and extremism are spreading across the Continent. In France, yellow-vest activists have brought fire and death to the streets.
By contrast, despite the undoubted chaos surrounding Brexit (for which Brussels must take some blame), Britain has much to be optimistic about.
Yes, we must tackle homelessness, knife crime and the social care crisis. But we’re much better positioned to deal with such issues than many neighbours.
Despite the negativity of so much current political debate, there’s a remarkable resilience throughout the country.
Businesses across the land are showing admirable powers of innovation. As long as the mess at Westminster doesn’t destroy confidence, there’s no reason to fear our success story will end.
Above all, we have a balanced budget, enabling the Government to find an extra £20billion to help fund a creaking NHS.
Unlike countries such as Italy and Greece, whose banking sectors remain dangerously shaky, our banks have sound reserves of cash they are free to lend. The most impressive aspect of our economic strength is how the nation’s genius has not been crushed by Brexit uncertainty.
It’s disgraceful that Dyson, one of our major innovators, is switching its domicile to Singapore. But this is an exception.
From pharmaceuticals to the media, financial innovation and aerospace, Britain is a global leader, attracting the brightest and best from around the world.
Britain is thriving just as the eurozone and wider EU plunges into an economic gloom that may turn into all-out recession
T HE outstanding research in the Golden Triangle of Oxford, Cambridge and London is one reason why two of the world’s top six drug firms, AstraZeneca and GlaxoSmithKline, are based here.
No wonder, as Michael Gove pointed out in a barnstorming speech last week, Britain is the most successful place for foreign direct investment of any country in Europe.
Forbes magazine says this country is the best destination for new jobs anywhere in the world. Boeing has opened a factory in Sheffield, Chanel moved from France to London to establish its HQ and Starbucks moved from Holland to London.
Equally laudable is the excellent work of the nation’s thriving creative sector, writ large in yesterday’s string of British talent nominated for Oscars. The film industry is just part of myriad creative industries that constitute almost 10 per cent of our national output.
And what about the huge vote of confidence shown by Silicon Valley’s tech giants in investing fortunes in this country? People are rightly angered by the tax avoidance of Apple, Google and Amazon. But, like US investment banks, they regard London as the best place to establish their European bases.
Yes, the upheaval in Westminster has dented confidence. But the Jeremiahs must not be allowed to do lasting damage to Britain’s inherently strong economy. Make no mistake, we are still a mighty nation with a mighty big role in the world.
https://www.dailymail.co.uk/debate/article-6621555/ALEX-BRUMMER-Blow-Brexit-seeing-UK-thrive.html
