UK worst performing of G7

[~ True Legend ~]

At this stage, what is your view on increasing economic growth? What do you feel your country could do more of?

This is the situation in the UK.

Chancellor Jeremy Hunt says Britain's economy is "back", and that his strategy for growth has been welcomed at the International Monetary Fund meeting in Washington.

Britain's economy is back, says chancellor

Jeremy Hunt says his strategy has been welcomed by the IMF after his predecessor faced criticism.

www.bbc.co.uk

Mr Hunt said the international lending body saw he was "putting the British economy back on the right track".

However, the latest figures show the UK economy failed to grow in February.

On Wednesday, the IMF said it expected the UK economy to shrink by 0.3% in 2023, which would make it one of the worst performing of the world's major economies.

When challenged over whether the UK's current performance undermined his positive message, Mr Hunt said: "It's other finance ministers who are telling me Britain is back".

Britain's economy has only just recovered to the size it was prior to the pandemic, following months of industrial action, rapidly rising prices and labour shortages.

There is uncertainty due to the collapse of the banking sector.

The outlook for the UK, which relies heavily on financial services, could be clouded by current uncertainty in the banking sector, following the collapse of three US banks and UBS's emergency takeover of Credit Suisse.

However, Mr Hunt said the UK had "a very robust, resilient banking system", which was now in a much better position than it was before the 2008 financial crisis.

Things got better with Rishi Sunak, the stock market was completely down when Lizz Truss was in charge.

Investor confidence in the UK was shaken last year during the short-lived government of prime minister Liz Truss, which saw Mr Kwarteng present an economic strategy that included major tax cuts without an explanation of how they would be funded.

There's the issue regarding public sector wages - the balance between staff retention and inflation.

The wave of industrial action affecting the UK in recent months has contributed to its lack of growth, the Office of National Statistics said this week.

However, Mr Hunt said it was important to avoid fuelling further inflation through pay rises. He said Britain had avoided recession this year "so far", and that he hoped to see faster growth and falling inflation in the months ahead.

Measures in his March Budget to help businesses recruit more staff and to increase investment, including an increase in childcare funding, should stimulate growth, he added.

Personally I think the issue is primary Brexit, and also because we import much more than we export despite the cheap exports due to the falling pound value.
What would you do to improve the economy if you were in charge?

 

[Stardom22]

For me I think the government must invest more in the traditional means of economy like the farming of food crops and rearing of livestocks. With this they can guarantee food security in the nations and would be in a position to control the economy of the nation.

 

[~ True Legend ~]

For me I think the government must invest more in the traditional means of economy like the farming of food crops and rearing of livestocks. With this they can guarantee food security in the nations and would be in a position to control the economy of the nation.

It's true, we rely too much on exports.
Here's an article from February you may find interesting: https://www.bbc.co.uk/news/business-64718826

Why is there a shortage?​

In the winter months the UK imports around 95% of its tomatoes and 90% of its lettuces, most of them from Spain and north Africa, according to trade group the British Retail Consortium (BRC).

But southern Spain has been suffering unusually cold weather and in Morocco crop yields have been affected by floods, while storms have caused ferries to be delayed or cancelled.

It led to Morocco barring exports of tomatoes, onions and potatoes to West African countries earlier this month as it tried to protect exports to Europe.

The UK also gets some produce at this time of year from domestic growers and the Netherlands. But farmers in both countries have cut back on their use of greenhouses to grow winter crops due to higher electricity prices.

The National Farmers' Union has called for more support for UK growers, noting the horticulture sector was not included in the government's support scheme for energy-intensive industries.

 

[Heatman]

Self sufficiency is definitely the way forward for the people in my opinion. The government is completely clueless in what they need to do in order to look out for their citizens properly.

 

[~ True Legend ~]

The government is completely clueless in what they need to do in order to look out for their citizens properly.

 

[Stardom22]

It's true, we rely too much on exports.
Here's an article from February you may find interesting: https://www.bbc.co.uk/news/business-64718826

Thanks for sharing this my friend

 

[~ True Legend ~]

Thanks for sharing this my friend

You are welcome
We learn something new everyday

 

[Stardom22]

Thanks. It's good to learn and make sure that you learn something new before your day ends.

 

[Stardom22]

It's true, we rely too much on exports.
Here's an article from February you may find interesting: https://www.bbc.co.uk/news/business-64718826

Thanks for this. I hope it is of great help so much and it will help in one way or the other

 

[Stardom22]

Self sufficiency is definitely the way forward for the people in my opinion. The government is completely clueless in what they need to do in order to look out for their citizens properly.

I think the government instructors and advisors to the president are sleeping on their Jobs. They are the ones responsible for that.

 

[~ True Legend ~]

I think the government instructors and advisors to the president are sleeping on their Jobs. They are the ones responsible for that.

Everything is more complex than we think.

 

[Stardom22]

I have seen this thing not in the UK alone. The governments of the nations of the world are almost similar in the way they perform their day to day running of the countries.
Everywhere else on the world we have this problems constantly.

 

[~ True Legend ~]

I have seen this thing not in the UK alone. The governments of the nations of the world are almost similar in the way they perform their day to day running of the countries.
Everywhere else on the world we have this problems constantly.

Thanks for sharing, do you have links to such articles? That would be great

 

[Manuelgooro]

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