The UK is well known to be an economic heavyweight, ranking in the top ten globally for GDP.
However, the whole economic sector has been fraught with difficulties due to ongoing world events. During such uncertain times, it’s important to review the current state to be able to properly assess future predictions, which is exactly what we’ll do below.
The Current State of the UK’s Economy
After some turbulent times, the UK’s economy began shrinking for the first time in this decade. Of course, it was not the only country suffering during those times, but it was still felt by the population. Between a lack of jobs, lower wages, and a higher cost of living, this was not a good time for anyone. More recently, the economy has begun stabilising thanks to the work done by several industries. One such industry is the iGaming sector, such as with live casino in the UK platforms. They provide different games to their users, from roulette to blackjack to even game shows. Another field that has been helping fortify the economy is the financial sector. This is not surprising as London has been the leading international financial centre for centuries. Thanks to the aforementioned fields, along with others like manufacturing, the economy in the country has taken a turn for the positive in the first quarter of 2024, as per KMPG. This has led to changes that have impacted everyday workers with an increased average salary, along with companies who have been reaching higher profits. In turn, this has increased disposable income, which leads to more consumption and helps the economy move along accordingly.
Future Predictions
After far too many trials and tribulations, the UK has finally reached a certain level of stability. While there hasn’t been a proper recovery yet, this is the perfect foundation to jumpstart the economy and work on increasing its growth. In fact, as per NIESR’s recent article, they expect the GDP to grow by 0.9% in 2024. However, one major factor is how the latest election will impact the economy. For the first time in 14 years, the Conservative Party has lost to the Labour Party. This is most certainly going to impact the economy, in one way or another. As it stands, the Labour Party has promised to work on delivering economic stability. They have advised that this will be achieved through updated tax rules, such as capping corporation taxes at 25% and removing private education tax loopholes. Moreover, the plan is to invest in clean energy, creating Great British Energy, which will generate approximately 650 thousand jobs. Overall, their plans seem to be extensive when it comes to improving the overall quality of life of the people by focusing on feasible economic growth.
From our assessment of the current state of the economy and the promises made by the newly elected government party, the UK is expected to stay strong and continue growing. Of course, this is sure to be a road full of challenges, however, we have plenty of hope when it comes to the future of the country’s economy.
Published: by Radio NewsHub
