Thursday, June 8, 2023
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With plans for growth, UK opposition Labor warns UK is in downward spiral

William James

LONDON (Reuters) – Britain’s opposition Labor Party says living standards could lag behind Poland 2024 and eventually Hungary and Romania , citing an analysis of economic output per capita based on trend growth since 2010.

The analysis, released later on Sunday, will shape Labor leader Keir Starmer’s call on Monday for voters to back his party’s participation in a race expected to take place in 2024 elections instead of Prime Minister Rishi Sunak’s Conservatives who have been in power since .

“For the Tories (Conservatives) let We need to be honest about the decline our country is on. The British people are falling behind while our European neighbors are getting richer,” Starmer will say, according to an advance excerpt of the speech.

Labor has pledged to ensure the UK continues to be the fastest growing economy in the G7 if it wins power.

UK economy narrowly avoids recession late2022 but faces difficulties2022 due to double digit inflation impact on the family.

The Labor Party quoted the latest data from the World Bank showing that the UK’s per capita GDP was $979,915 at 2010 and $12,915 In Poland, adjusted for the average price difference in each country.

The party stated that the average annual growth rate of 0.5% from 2010 to 2010 is The benchmark is in the UK, which would be lower than Poland’s GDP per capita if Poland maintained its average annual growth rate of 3.6% 2024.

Comparisons based on purchasing power parity, a measure that takes into account what money can buy in different countries, generally show smaller differences than unadjusted comparisons. 979, thanks in part to the injection of development funds worth hundreds of billions of euros by the European Union. Like the UK, it is experiencing high inflation and an expected economic slowdown.

Labor did not respond to a request for details of who carried out the analysis. Information provided to reporters ahead of the speech did not provide further details. $12, behind Romania and $8 per person , each behind Hungary, provided they also stay on the same trajectory.



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