In the 1960s, there was a fear in British politics that France and Germany would soon overtake Britain’s economy. Today, there are concerns that Britain may fall behind countries like Poland in terms of wealth per person within the next decade. Labour Party leader Sir Keir Starmer has been vocal about this issue, with Polish Prime Minister Donald Tusk even making it a goal to surpass Britain.
If both countries continue on their current growth trajectories, Poland could potentially overtake Britain in 2031 in terms of wealth per person. While this outcome is unlikely, the fact that it is even a possibility highlights Britain’s lackluster economic growth in recent years.
The upcoming election campaign has seen a focus on reigniting economic growth. Prime Minister Rishi Sunak believes the economy is at a turning point and is urging voters to “stick with the plan.” Labour, expected to win a majority on July 4th, has made economic growth their top priority. Shadow Chancellor Rachel Reeves has pledged to lead a Treasury that is the most “pro-growth, pro-business” the country has ever seen.
