UK Budget: why the economy has grown so slowly

The UK economy's decline is rooted in problems both old and new, including Brexit, flip-flopping government policy, and a rapid and unexpected deterioration of the UK's labour market performance during the pandemic.

March 15, 2023 . 3:37 AM

1 min read

The UK economy's average annual growth rates have halved since the global financial crisis of 2007-08.
The IMF has forecast the UK to be the worst-performing large advanced economy this year.
Brexit, flip-flopping government policy, and a rapid and unexpected deterioration of the UK's labour market performance during the pandemic are among the reasons for the country's economic decline.
The lack of success in stimulating economic growth since 2007 has been especially notable.
If the UK's GDP per person had grown as rapidly in the 15 years after 2007 as it did in the 27 years since 1980, everyone in the UK would be £10,600 or 31% a year better off in real terms.