The UK’s money troubles spread from inflation and higher interest rates to sluggish productivity. But how do we compare with our European neighbours?
Photograph: Peter Dazeley/Getty ImagesPhotograph: Peter Dazeley/Getty ImagesDire, grim, dismal: all words used to describe the UK’s economic situation after Thursday’s autumn statement.
The US economy, by contrast, is already 4.2% above its pre-pandemic level, while eurozone GDP is 2.1% higher relative to the end of 2019, according to figures from the Organisation for Economic Co-operation and Development.The UK labour market is “incredibly tight” compared with many of its international counterparts, said Marchel Alexandrovich, of SaltmarshHaving fewer workers to spare can fan the flames of inflation, as employers increase wages to attract and retain staff.
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