Britain's economy overtaken by France, new figures show

[FarCenter]

By Ben Leach

New figures show that the economic crisis has pushed Britain well down the international league table. The UK is now the sixth largest economy in the world, behind America, Japan, China, Germany and France. Economists said the fall reflected the pound's slump to record lows against the euro.

A year ago the UK economy was 8 per cent bigger than that of France, measured by gross domestic product (GDP). Now it is 14 per cent smaller, according to figures from the Centre for Economics and Business Research (CEBR). "An overvalued sterling has inflated the UK's claims to be among the top five world economies," said Ben Read, an economist with the CEBR.

...

Britain became a bigger economy than Italy in the final months of John Major's government in 1997 and two years later became a bigger economy than France, thanks to strong British growth and a high pound.

For most of Tony Blair's time as prime minister, Britain's was the fourth largest economy in the world, before China overtook it in 2006.

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Mainly pumped up by the deregulated financial sector in the post Thatcher years. But in the end, a house of cards.

[Skink]

1. Let's send Arnold out there. Maybe he can help.

[roamer65]

2. I smell UK conversion to the Euro very soon.

Makes sense to go into ERM2 at a much devalued rate.

[FarCenter]

4. Doesn't joining the Euro take about 3 years?

And they would have to meet economic requirements.

[xchrom]

3. how about britain actually start making things again rather than depending on

it's 'service economy'?

any of that sound familiar?

[FarCenter]

5. Once your manufacturing base is gone, it is very hard to restart

The manufacturing centers of the Midlands are much reduced, compared with what they once were.

[xchrom]

6. i go there often -- i know. nt