BRITAIN is in line to outperform France, Germany and the entire Eurozone post-Brexit, according to new figures.A report from Oxford Economics predicts the UK will strive ahead of its Eurozone peers over the next five years.
The UK’s economy is forecast to grow 1.8 per cent between 2017-2021 as Britain leaves the EU.
By comparison the Eurozone’s economy is expected to grow 1.5 per cent with the EU’s economic powerhouse Germany to increase by just 1.3 per cent.
According to the Oxford Economics’ forecasts France’s economy will grow 1.4 per cent with crisis-ridden Italy expected to go up 1.1 per cent. The report suggests if Government devolves fiscal powers to England’s county authorities with subsequent tax raising abilities it could boost England’s annual growth to 2.7 per cent a year over five years.
Under Oxford Economics’ modelling, if county areas were given full devolution of public spending plus tax retention and raising powers, it could attract jobs and growth to rural areas, generating more than one million new jobs over the next ten years, an extra £26.3bn generated for the national economy over a five-year period and public sector savings of £11.7bn per year over a five-year period.
Richard Holt, Oxford Economics Head of Global Cities Research, said: “Brexit means that to improve exports and manufacturing performance, the Industrial Strategy must look beyond the largest cities.
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