Posted on 01/10/2008 7:01:22 AM PST by fweingart
For the first time in more than a century the standard of living in Britain is higher than in America, according to a new report.
Analysts at the respected Oxford Economics consultancy say that increasing incomes, free healthcare and longer holidays make the average Briton better-off than his or her US counterpart.
The GDP per head in the UK is expected to exceed that of the USA in 2008 They predict that gross domestic product (GDP) per head in the UK, an indicator of average incomes, will be £23,500 in 2008, compared with £23,250 in America, reflecting the strength of the pound against the dollar and the steady growth of the British economy.
Adrian Cooper, managing director of Oxford Economics, said: "The past 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'. Indeed, our calculations suggest that UK living standards are now a match for those of the US.
"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."
advertisementBack in the early 1990s Britain's GDP per capita was 34 per cent below that in America, 33 per cent less than in Germany and 26 per cent lower than in France.
Now, average incomes are not only above those in America but they are more than 8 per cent higher than in France where it is £21,700 and Germany, with a predicted £21,665.
The British financial services boom and soaring house prices have led to an uninterrupted expansion, credited with boosting the UK's strength. And in contrast America and many European countries slid into recession in the early part of this decade.
However the average British person may not feel richer than their US cousins as goods and services there are often vastly cheaper. So, despite earning less, the average American can buy more.
The report authors also warn that a significant fall in the pound against other currencies could push Britain back down the ladder.
Citigroup, the most accurate forecaster of Britain's economy last year, predicts the slowest rise in consumer spending this year since 1992.
Michael Saunders, Citigroup's UK economist, said: "After the credit-fuelled boom in domestic demand and asset prices, the UK economy now faces a hangover, with slowing credit growth, falling property prices and tightening lending standards."
You may have bigger houses and cars etc,but whats the point if you don’t have time to appreciate them.
The difference between you Yanks and us Brits is that you live to work whereas we just work to live.
The minimum annual holiday allowance in the uk is 4 weeks plus all the bank holidays.
The last time I was in the states I was told that your annual holiday /vacation is 2 weeks per year plus national holidays.
Your only here once so take time out to enjoy it, go and visit other countries.
Material things count for nothing once you’ve popped your clogs.
Have a nice day.
I have five weeks vacation per year. Only entry level employees with no seniority have 2 weeks vacation per year. Of course if you earn minimum wages commensurate with minimum skills, you don’t get any paid vacation.
Hubby and I have plenty of time and money to enjoy life and leisure. We Americans work hard and play hard—wouldn’t have it any other way.
Fair enough,but everybody in this country is by law entitled to 4 weeks annual holiday irrespective of what level of pay and skill they are on.
Obviously the higher skilled and paid have longer holidays
Sure we have our share of so called poor, but you also have them in the states.
There is a lot wrong with the UK but I think by and large we have our priorities in the right order.
Don’t take this the wrong way but the general consensus of yanks in this country is that you all seem to be obsessed with trying to impress others, be it plastic surgery, your teeth,flashy but not very good cars, etc etc
Despite all this you also by and large seem top spend a lot of time with either your therapist or your counsellors.
I won’t even go down the road re your crime and murder rates.
However I do accept that the average yank is far more well mannered than the average brit which is something of a contradiction in terms considering your murder rate.
Maybe between the two nations we could learn something from each other and come up with a better system.
bump
PLEASE DO NOT BELIEVE THIS!!!!! I lived in London and my husband gave me more in an allowance than most made in a salary. MOST have NO CARS....live 3 or more to a flat....they DO drink a lot though.
I wonder if it has anything to do with Europeans having different desires and expectations than we do. I wonder how many Europeans feel “forced” to ride public transportation, or really want a big house with more space than they need. I think they may be more into having what they need, as opposed to our bigger is better mentality.
Sorry if it came across as as sniping, that wasn’t my intention.
A criticism yes, but if you can’t stand criticism, so what.
As for being the greatest nation on earth and in human history! it depends on what criteria you are basing that statement on.
I am sure quite a few academics and historians could give you a good argument on that one.
As for you providing charity to this country, would you mind elaborating on this point.
By the way don’t mention the aid in WW11,you didn’t give us that, we paid for everything and contributed to one of the greatest periods of growth in the american economy.
Finally envy is not a particularly common british trait, at least not amongst my family and friends, is it common in the states.
Couldn’t agree with you more, I could afford a bigger house and car but why.
All you end up doing is spending more time cleaning and maintaining the dam things.
Life is for living not collecting things to show off.
Another great thing about the United States is how we come to the aid of our allies, get no gratitude or respect for what we do, and we continue to aid and protect them anyway.
I imagine there are lots of left-wing academics who think the United States is rotten. These taxpayer-supported unaccountable socialists dominate academia in Europe and the United States.
By all measures of economic strength, military might and how it’s used, and charity here and abroad, there has never been a greater nation who has had so much power and used it for much good.
I don’t expect you to understand this because you live in a socialist country which brainwashes you.
When was the last time you spent any time in the United States? We’re a huge country and Hollywierd /CNN/NBC/CBS/ABC do NOT accurately represent what life in America is really all about.
Another great thing about the United States is how we come to the aid of our allies, get no gratitude or respect for what we do, and we continue to aid and protect them anyway
Pass
I imagine there are lots of left-wing academics who think the United States is rotten. These taxpayer-supported unaccountable socialists dominate academia in Europe and the United States
Whew! No comment
By all measures of economic strength, military might and how its used, and charity here and abroad, there has never been a greater nation who has had so much power and used it for much good
Fair point but compared to other great powers previously you have only been around 5 minutes.
Don’t forget that in a few years you will be down the pecking order to China and India.
I dont expect you to understand this because you live in a socialist country which brainwashes you
Not worthy of a response.
When was the last time you spent any time in the United States? Were a huge country and Hollywierd /CNN/NBC/CBS/ABC do NOT accurately represent what life in America is really all about.
About 6 years ago and enjoyed it and the people immensely.
Watch Fox news regularly.
You know, I initially didn’t want to see this turned into a British-bashing thread, but now I understand why it’s become such.
You Brits really have a chip on your shoulder about the U.S.A.!!! But then again, who’d have thought a bunch of colonial PEASANTS would kick the British Empire’s @ss and 200+ years later still be going strong? Ya’ll were something in the 17th century, but now it’s time to move on LOLOL.
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