Living standards in Britain are set to rise above those in America for the first time since the 19th century, according to a report by the respected Oxford Economics consultancy, the Times of London reported on Sunday.Click here for more from the Times of London
According to the Times of London report, the calculations suggest that, measured by gross domestic product per capita, Britain can now hold its head up high in the economic stakes after more than a century of playing second fiddle to the Americans.
It says that GDP per head in Britain will be £23,500 this year, compared with £23,250 in America, reflecting not only the strength of the pound against the dollar but also the U.K. economy’s record run of growth and rising incomes going back to the early 1990s.
In those days, according to Oxford Economics, Britain’s GDP per capita was 34 percent below that in America, 33 percent less than in Germany and 26 percent lower than in France. Now, not only have average incomes crept above those in America but they are more than 8 percent above France (£21,700) and Germany (£21,665).
“The past 15 years have seen a dramatic change in the UK’s economic performance and its position in the world economy,” said Adrian Cooper, managing director of Oxford Economics. “No longer are we the ‘sick man of Europe’. Indeed, our calculations suggest that UK living standards are now a match for those of the US.”