31st January 2024 marked four years since the United Kingdom left the European Union. In the past four years we have lived through a once-in-a-century pandemic, seen global inflation hit the roof and experienced the effects of fighting a proxy war in Europe… all while adjusting to our new, independent place outside of the EU.
In those same four years, the UK’s economic performance has defied all expectations.
Today, the Business and Trade Secretary, Kemi Badenoch, has published a statement celebrating successes secured by the Government in the past four years. You can read more here: https://questions-statements.parliament.uk/written-statements/detail/2024-01-31/hcws231
I wanted to share some highlights with you…
- The IMF forecast the UK to have the third fastest cumulative growth in the G7 over the 2024-28 period, growing faster than Germany, France, Italy and Japan.
- Since the pandemic, the UK has grown faster than Germany (Q4 2019 – Q3 2023).
- Despite assertion that Brexit would lead to job losses, the UK labour market is strong by historic and international standards, with the number of jobs in the economy at a record high (and up by over a million since pre-pandemic).
- The UK was the fifth biggest exporter in the world in 2022, up from sixth in 2021/12 and achieved £870 billion exports in the 12 months to November 2023.
- Services exports to the EU are at a record high. Reaching £169 billion in the 12 months to September 2023, up from £126 billion in 2018.
- The UK’s FDI stock is the highest in Europe and more than Germany and France and Italy combined.
- Despite dire forecasts the UK remains the second largest exporter of financial services globally after the US.
- The UK was the 8th largest manufacturer in the world in 2021 and had the fastest manufacturing productivity growth in the G7 between 2010 and 2021.
- In 2023 the value of the UK tech sector reached $1.1 trillion, up from $640 billion in 2012. The UK is the third country in the world to pass the $1 trillion milestone after the US and China. The UK is number one in Europe for Venture Capital (VC) investment (and third in the world behind the US and China) – with VC investment reaching £21 billion in 2023.