ARE BRITONS……RICHER THAN AMERICANS?

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ARE BRITONS……RICHER THAN AMERICANS?

 user 2008-01-08 at 1:02:00 pm Views: 53
  • #19337

    Britons ‘richer than Americans’
    The
    average UK person will this year have a greater income than their US
    counterpart for the first time since the 19th Century, figures
    suggest.Analyst Oxford Economics said the UK’s GDP per head of
    population will reach £23,500 – £250 higher than in the US.However,
    because goods and services are cheaper in the US, Americans will have
    stronger purchasing power, it added.UK GDP per capita will also be
    higher than in Germany (£21,665) and France (£21,700), Oxford Economics
    calculated.Managing director Adrian Cooper said: “The last 15 years
    have seen a dramatic change in the UK’s economic performance and its
    position in the world economy.

    “No longer are we the ‘sick man of Europe’.”
    Oxford
    Economics said that in 1993, following the last major recession and the
    UK’s ejection from the ERM, GDP per capita in the UK was 34% lower than
    in the US, 33% lower than in Germany and 26% lower than in France.It
    said the improved UK position reflected the sustained strong growth it
    has enjoyed since then and the recent strength of sterling.Mr Cooper
    said: “The UK has been catching up steadily with living standards in
    the US since 2001, so it is a well-established trend rather than simply
    the result of currency fluctuations.”