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."
Right ... try to buy an gun there.
It's funny how every one of my relatives in England would give their right arm to live in the U.S., while I keep my red passport just for travel, I ain't EVER moving back.
Very interesting post in #26... thanks.
You are welcome :0)
I could make a bad joke about the poor state of British oral health and it’s affect on dental prices but I won’t. No sir, not me!
Watch people’s feet, and where they lead them. Are there more people leaving the U.S for England, or is it the other way around? The answer to that is proof of overall standard of living.
Oh my friend I am very well read with it comes to Muslim Infiltration of America.
I was just being sarcastic.
What a load!
Tell that to the 108 year old Brit who has been put on an 18 month waiting list for a hearing aide.
I believe that is a semi-detached house in the picture - closest US terminology is a duplex.
You only get half of what’s in the picture for your money...
Even in Seattle, that’s not a good deal...:^)
Really? If you were a rich Brit stockbroker, you could probably live anywhere you wanted and do your business via computer. Poor janitors don’t get to travel much.
Buried the real information didn't they?
Yes, Lucy, it is so miserable here we have to build a wall along the Mexican border to keep citizens from fleeing.
If you want hard facts google up real estate web sites and look at their housing stock - across all price ranges. You'll be shocked at how small, stale and unattractive their housing stock is compared to ours.
The Uk media is lower than a snake belly in a wagon rut when it comes to propaganda and disinformation against their own.
The U.K. is a socilaist country. They have a computer system that shows the position of every vehicle on British
roads. They have cameras covering most public places in every town and city in the coutry. I question this evaluation: “standard of living better, etc.”
No it isn’t. In the UK you aren’t allowed to defend yourself, your home, your family from invading criminals. You can be thrust into jail for saying anything at all that jihadis and other leftists don’t like.
That’s no standard of living!
I’ll take the USA.
This article is absolutely a lie.
My husband is English by birth. His daughter, mother and sister still live in England and we go over twice a year. The level of taxation (in one way or another) is about 60% and climbing. Everything costs more. We have friends who come to Delaware just so they can get clothing for 66% less than what it costs in the UK.
Also, mostly all our friends pay for private Health Insurance. Other than preventive care, they feel it is necessary to go private for any kind of REAL health issue.
Everyone should remember that there is no free lunch.
Cheers,
Donna
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