In its final report of the year, the body representing the world’s largest economies gave Boris Johnson an exceptional Christmas present by confirming the UK’s place at the top of the table in terms of economic growth. The former Cabinet minister, the Rt Hon Sir John Redwood MP, was upbeat about the news.
Speaking to Express.co.uk, Sir John said: “It’s great news that the UK has grown rapidly in the first year of Brexit.
“We now need tax cuts and the use of our new freedoms to maintain faster growth.”
On Wednesday, the Paris-based Organization for Economic Co-operation and Development (OECD) released its 2021 report – the UK’s first year outside the EU.
The OECD now estimates that Brexit Britain will do better economically in 2021 than every other major industrialized country in the world, including the United States. Not only that, he expects the UK to outperform the Eurozone by a considerable margin.
The OECD expects the UK economy to grow by 6.92%. On the other hand, he predicts a much slower growth of only 5.17% in the 17 countries of the euro zone.
The powerhouse of the EU and the Eurozone is Germany.
When the UK was part of the EU, it was the fifth largest economy in the world, but still ranked second behind Germany.
In its report, the OECD predicts that Britain’s Brexit economy will grow well over twice as fast as Germany this year. Germany’s growth rate is forecast at just 2.87%, while the figure for the UK is 2.4 times higher – at 6.92%.
When it comes to the world’s top seven economies, the OECD once again places the UK at the top of the ranking.
In the OECD report, the UK is expected to beat them all in 2021.
|5.26%||All OECD countries|
The OECD’s December report released on Wednesday clearly shows that the UK ranks first among all major global economies.
The OECD expects the euro zone to end the year with a growth rate of 5.17%. The UK’s expected growth rate is 6.92%.
If the OECD is correct, in its first full year of Brexit, the UK economy will outpace that of the eurozone by more than a third.