Britain’s economy will eclipse the French one in 15 years thanks to booming technology investment

According to a landmark report released today, the UK’s economy will far outperform the French economy for the next 15 years.

Booming technology investments and Thatcher-era economic reforms give Britain a clear edge over its neighbor and historical rival, according to the independent think tank Center for Economics and Business Research (CEBR).

The latest World Economic League Table, which examines the outlook for all 193 countries, predicts the UK economy will be 16 percent larger than France’s by 2036. The UK is currently valued at £ 2.1 trillion, 3.6 percent more than the French.

The investigation will further strengthen Britain’s position in its battle with France for bankers and other highly skilled workers.

Douglas McWilliams, Vice Chairman of CEBR, told The Mail on Sunday: “Tech is the dynamic driver of economic growth and the UK is investing more in this area than France and Germany combined.

“Between half and three quarters of UK economic growth comes from the technology sector. In contrast, Germany has a strong legacy economy based on automobile manufacturing and the like. ‘

The UK is the fifth largest economy in the world and is estimated to have a gross domestic product of £ 36,357 per capita.

The report predicts the UK will drop to sixth place behind India in 2026, where it is expected to stay through 2036.

France, currently the sixth largest economy, is expected to drop and stay in seventh place next year.

In Paris it was hoped that Brexit would lead to an exodus of financial jobs from the UK. However, consultancy EY has reported that fewer than 8,000 jobs have been moved from London to the continent.

The Mail on Sunday revealed last weekend that the European Central Bank is trying to increase that number and is threatening to withdraw licenses from banks that fail to move significant financial assets and employees from London to the euro area.

Mr McWilliams said Brexit will allow Britain to preserve Thatcher’s economic legacy, but warned that tech companies could find it more difficult to recruit talented workers from overseas.

The CEBR report notes that Brexit did not cost the city more than 10 percent of its business despite dire predictions from politicians and commentators in the run-up to Britain’s exit from the EU.

The UK is currently valued at £ 2.1 trillion, 3.6 percent more than France’s

The UK has suffered one of the largest economic shocks in the world from the pandemic but is expected to recover this year.

Economists surveyed by the MoS expect the United Kingdom to grow by 4.7 percent next year, after a plus of 7 percent this year. The economy contracted 9.4 percent in 2020, its worst performance in a century.

Science, technology and food companies are expected to do well over the next year, while the recovery of travel and hospitality companies will depend on Covid restrictions.

Britain’s largest industries include financial services, consumer goods and electrical engineering, while France’s leading industries include machinery, chemicals and textiles. Both nations are world leaders in the manufacture of aircraft and automobiles.

Even if the course of the global economy is difficult to predict, the CEBR assumes that China, currently in second place, will have the largest economy in the world by 2036, overtaking the United States.

India, currently in seventh place, rises to third place, Germany remains in fourth place. Japan, which is currently in third place, will drop to fifth place.