British Labour Party: Hungary can overtake Britain

The leader of Britain’s main opposition Labour Party claims that without a new economic policy, Britain could be overtaken by Poland and Hungary.

Britain’s economic plan

Sir Keir Starmer, leader of the British Labour Party, gave a speech on his party’s economic plans at the City of London’s financial centre on Monday. Starmer will also hold a round table discussion with economic experts on the UK’s economic policy for the next period. The event was attended by John Allan, chairman of Tesco, the UK’s largest retailer, and Mark Carney, former governor of the Bank of England, the UK’s central bank.

The Labour Party leader previewed extracts from the speech. According to the speech, the Conservative Party, which has been in power for thirteen years, has put the British economy on a “path of decline”, napi.hu reports.

• Here is why Hungary’s inflation is the highest in the region

Is Hungary ahead of Britain?

If recent growth trends remain unchanged, by 2030 Poland’s population will be better off than the UK’s in terms of per capita gross domestic product (GDP). According to a Labour Party analysis based on World Bank data, British GDP grew by an average of 0.5 percent a year between 2010 and 2021.

In Poland, GDP per capita grew by an average of 3.6 percent a year, in Hungary by 3 percent and in Romania by 3.8 percent.

On this basis, if the trend continues, by the beginning of the next decade, Britons will be on average £500 poorer than Poles (based on annual GDP per capita).

Under the same growth trends, Starmer says, by 2040 both Hungary and Romania will have higher growth rates than the UK. According to a recent analysis, the UK is the only major industrialised country whose economy will contract this year and has not yet taken the economic hit from the Crown Tax.

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Source: napi.hu