Back in 1997 the UK was economy number #4,
"These are deeply depressing numbers for those longing for a sustained economic recovery in the United Kingdom. Just when we need to set free and empower the private sector, Britain is moving in precisely the wrong direction. We need reduced taxation, less regulation and a smaller role for government. What we're getting is exactly the opposite"
The UK performs extremely poorly on government spending, scoring just 41.9 out of a maximum 100. According to the report’s authors:
"…the government’s size and spending have grown significantly under successive Labour governments, damaging Britain’s competitive edge. Prime Minister Gordon Brown plunged Britain further into debt at the onset of the recent financial crisis with bank bailouts and stimulus packages."
This is particularly worrying because increased government spending has not improved economic crisis performance. In light of the global financial and economic storm, many advanced economies’ governments have stepped up spending to promote growth and employment. The early evidence is that such spending did not work.
The report provides further evidence that the UK is falling behind her economic competitors, particularly those in the Far-East and Australasia.
Hong Kong (score: 89.7) once again tops international rankings for economic freedom, with Singapore second (on 86.1) and Australia in third spot (82.6).
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