The UK’s economy has stagnated since 2008. In terms of GDP per capita – economic output divided by the number of people in a country – we’ve actually gone backwards. Sam Bidwell gives an overview of the countries that the UK was richer than in 2007, but which have since overtaken us…
“None of this was inevitable. Our economic stagnation was the result of policy choices made by successive governments”
- UK GDP per Capita, 2007: $50,397
- Singapore GDP per Capita, 2007: $39,432
- UK GDP per Capita, 2023: $48,866
- Singapore GDP per Capita, 2023: $84,734
In 2007, the UK was richer than Singapore, southeast Asia’s Lion City – today, it is much, much poorer.
- UK GDP per Capita, 2007: $50,397
- USA GDP per Capita, 2007: $48,050
- UK GDP per Capita, 2023: $48,866
- USA GDP per Capita, 2023: $81,695
In 2007, the UK was (slightly) richer than the United States, the world’s economic superpower. Today, it is far poorer.
- UK GDP per Capita, 2007: $50,397
- Australia GDP per Capita, 2007: $41,051
- UK GDP per Capita, 2023: $48,866
- Australia GDP per Capita, 2023: $64,711
In 2007, the UK was richer than Australia, a world-leading mining economy. Today, it is much poorer.
- UK GDP per Capita, 2007: $50,397
- Austria GDP per Capita, 2007: $46,915
- UK GDP per Capita, 2023: $48,866
- Austria GDP per Capita, 2023: $56,506
In 2007, the UK was richer than Austria, a highly developed social market economy. Today, it is poorer.
- UK GDP per Capita, 2007: $50,397
- Belgium GDP per Capita, 2007: $44,319
- UK GDP per Capita, 2023: $48,866
- Belgium GDP per Capita, 2023: $53,475
“When you see crumbling infrastructure, poor public services, or stagnant job opportunities, you’re seeing these two lost decades of growth”
In 2007, the UK was richer than Belgium, a developed services economy and home of the EU. Today, it is poorer. {Editors note: Taking money from hard working citizens of the EU does help}.
- UK GDP per Capita, 2007: $50,397
- Finland GDP per Capita, 2007: $48,467
- UK GDP per Capita, 2023: $48,866
- Finland GDP per Capita, 2023: $53,755
In 2007, the UK was richer than Finland, a powerhouse in electronics manufacturing. Today, it is poorer.
- UK GDP per Capita, 2007: $50,397
- Canada GDP per Capita, 2007: $44,659
- UK GDP per Capita, 2023: $48,866
- Canada GDP per Capita, 2023: $53,371
In 2007, the UK was richer than Canada, our oil-producing cousins across the Atlantic. Today, it is poorer.
- UK GDP per Capita, 2007: $50,397
- Germany GDP per Capita, 2007: $41,640
- UK GDP per Capita, 2023: $48,866
- Germany GDP per Capita, 2023: $52,745
In 2007, the UK was richer than Germany, Europe’s manufacturing powerhouse. Today, it is poorer.
- UK GDP per Capita, 2007: $50,397
- UAE GDP per Capita, 2007: $43,918
- UK GDP per Capita, 2023: $48,866
- UAE GDP per Capita, 2023: $52,976
In 2007, the UK was richer than the UAE, the Gulf state which plays host to futuristic cities like Dubai. Today, it is poorer.
- UK GDP per Capita, 2007: $50,397
- Hong Kong GDP per Capita, 2007: $30,593
- UK GDP per Capita, 2023: $48,866
- Hong Kong GDP per Capita, 2023: $50,696
“it doesn’t have to be this way. We were richer than these world-leading economies before, and we can do it again”
In 2007, the UK was much richer than Hong Kong, East Asia’s financial services superpower. Today, it is poorer.
- UK GDP per Capita, 2007: $50,397
- Israel GDP per Capita, 2007: $25,633
- UK GDP per Capita, 2023: $48,866
- Israel GDP per Capita, 2023: $52,261
In 2007, the UK was much richer than Israel, the Middle East’s high-tech hub. Today, it is poorer.
None of this was inevitable. Our economic stagnation was the result of policy choices made by successive governments since 2008. Our broken planning system, expensive energy, and a risk-averse regulatory culture have all contributed to nearly two lost decades of growth.
When you see crumbling infrastructure, poor public services, or stagnant job opportunities, you’re seeing these two lost decades of growth. The point is that it doesn’t have to be this way. We were richer than these world-leading economies before, and we can do it again.
Principally, this requires two things from our politicians. Honesty – about why we are where we are, and how we got here. And ambition – about what Britain can, and should, be. We deserve to be a high-tech, high-growth, high-powered economy again.
That means getting the basics right – housing, energy, infrastructure, public order, migration. Let’s start building things again and stop relying on low-skilled labour. Dare to dream. We built the modern world before, and we can do it again. Anglofuturism now.
Reproduced with kind permission of Sam Bidwell, Director of the Next Generation Centre at the Adam Smith Institute, Associate Fellow at the Henry Jackson Society, although views are his own. Sam can be found on X/Twitter, on Substack, and can be contacted at [email protected]. This article was originally published as a X/Twitter Thread at https://x.com/sam_bidwell/status/1832062722412015803.