Opportunities exist for the UK and its European neighbours, but they must grasp the nettle of economic reform
Workers at Nissan car factory in Sunderland. Has rapid economic growth in the world’s high-income countries come to an end? If so, did the bursting of the bubble economy in 2007 mark the turning point?
Over the same period, US real GDP per head rose 299 per cent, French 375 per cent, German 501 per cent and Japanese 1,220 per cent. Cumulatively, standards of living have transformed. This was also true for the UK, even though its economy grew far more slowly than those of its European neighbours. Growth rates slowed quite generally from the early 1970s, but least so in the US and UK.From the 1980s, they were to be found instead in emerging Asia, whose economies feasted on opportunities for growth previously enjoyed by Japan and South Korea. China was the outstanding example of such success.
Another transitory boost, notably to the UK public finances, came from inflation, which helped to wipe out the burden of public debt accumulated during the war. A last one-off boost came from the explosive growth of the financial sector in which the UK played a more than full part.
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