Britain's national election, expected later this year, will take place against a backdrop of persistently slow economic growth, high public debt and little room to increase spending for whoever wins power unless they raise taxes.
A tourist shelters from the rain under an Union Jack umbrella near the Bank of England in the City of London financial district in London, Britain, February 13, 2024. REUTERS/Isabel Infantes/File PhotoLONDON, April 19 - Britain's national election, expected later this year, will take place against a backdrop of persistently slow economic growth, high public debt and little room to increase spending for whoever wins power unless they raise taxes.
What growth there has been recently has been helped by the impact of high flows of migration. Gross domestic product per person has not increased since early 2022. The UK has lagged behind most of its G7 peers in terms of its economic recovery from the COVID-19 pandemic. GDP per person has also struggled to grow in recent years.A big brake on the economy over the past 14 years has been Britain's weak productivity growth.
Both the main political parties are promising to improve productivity, with the Conservatives focusing on tax incentives for business investment announced by the government last year and Labour by promising to invest more in green technology.The poor productivity performance has contributed to British wages virtually flat-lining since the 2007-09 financial crisis when adjusted for inflation.
While higher as a share of economic output than in the United States, public spending in Britain is lower than in Germany and France, contributing to the strain on services such as health and education.
RULES:BRITAIN-ELECTION GRAPHC MTGFX ANLINS DBT ECI ECO ENV GDP GEN GFIN GRNTCH GVD INFL IPR JOB MCE PLCY POL SCI VOTE WPAY GB WEU EUROP EMEA ECON FIN SUSTAINABLE-BUSINESS EF:MARKETS-MACROMATTERS
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