The Centre for Economics and Business Research (CEBR) said that in the next 15 years, the UK will be Europe's best-performing major economy. According to the updated forecasts, in the period up to 2038, the growth of the British economy will be in the range of 1.6%-1.8%. This will allow Britain to retain its position as the world's sixth-largest economy and extend its lead over France, which will face difficulties due to its large public sector and high tax levels.
Overall, CEBR expects that in the next 15 years, China will surpass the United States and become the world's largest economy, while India will take the third position in this ranking. According to CEBR forecasts, Japan and Germany will take the 4th and 5th places.
CEBR said that the UK is likely to get rid of years of economic malaise, which was caused by Brexit and a series of shocks, including a pandemic and rising inflation.
"According to our long-term forecasts, the UK will grow faster than all the eurozone largest economies (France, Germany, Italy and Spain), but not as fast as the United States," CEBR said, adding that the fundamentals of the UK economy are still very much strong.