UK living standards outstrip US

UK living standards outstrip US

Living standards outstrip those across the Atlantic for first time in over a century
David Smith, Economics Editor

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 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 UK 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% below that in America, 33% less than in Germany and 26% lower than in France. Now, not only have average incomes crept above those in America but they are more than 8% 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,â€

Airbornesapper, I doubt the message in your article that the living standards in the USA will be worse than in the UK.

I have read an article suggesting the increasing number of deaths among older people in the UK because they cannot afford appropriate heating of their homes. The reason are obviously soaring costs of energies.

Living standards will be plummeting in both the USA and Europe soon. Outlook for 2008 is rather grim.