Britain risks slipping from being the world’s fifth-biggest economy to its seventh-largest next year, when it is due to leave the European Union, with France and India on course to overtake it, accountancy firm PwC said.
PwC projected economic growth in 2019 of 1.6 percent for Britain — assuming the country manages to avoid the shock of a no-deal Brexit in March — versus 1.7 percent for France and 7.6 percent for India.
“The UK and France have regularly alternated in having the larger economy, but subdued growth in the UK in 2018 and again in 2019 is likely to tip the balance in France’s favor,” PwC economist Mike Jakeman said.
British Prime Minister Theresa May will urge the devolved nations of Scotland, Wales and Northern Ireland to “listen to business” at a meeting on Wednesday and back her Brexit deal, which envisages continuing close ties with the EU.
A day after her government said it would implement plans for a no-deal Brexit in full, May was due to stress how her deal works for all parts of Britain, her office said.
The Scottish National Party (SNP) and other minor British opposition parties have tabled a vote of no confidence in Theresa May’s Conservative government, the SNP said on Tuesday.
The parties want the government to debate the motion before parliament rises for the Christmas recess.
Reference: Reuters
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