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15 January 2012

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John Ross

@ Juan Perez,

2007 was chosen as the starting point because it was the last year before the onset of the international financial crisis. The aim of the article was to show that in terms of real international purchasing power the UK had done far worse than any other economy during the international financial crisis - 2010 had to be taken as the end point as most countries GDP data for 2011 is not yet published but, as the article shows, there will have been no great change during this year. The data therefore simply clearly confirms that the UK's loss of real economic weight during the financial crises was worse than in any other country.

Juan Perez

I'm sorry Professor Ross your choice of 2007-2010 UK GDP reflected in USD seems a bit short. Take a decade long perspective say 2003-2012 and the fall will be less dramatic.

I havn't done the homework that you have with your graphs but I know this. In 2003 (from google 1GBP=1.60USD). In 2012 Feb 1GBP=1.55USD. That's approx. 5% decrease in value against the USD.

You were only able to show the freak 500+ Billion dollar decline because the GBP was in a bit of a "freak phase" where the value shot up. It wasn't going to last. It was the global financial boom and...shortly after the bust came.

Jezreel Ricafort

But no matter what happen, Britain still rising only its a matter of time.

Leon J. Williams

British imperialism hopefully coming to an end. I am English and living abroad and this seems very much in line with the reality in the UK.
Three clueless political parties, self-serving and apathetic towards the plight of the people.
The sooner Britain breaks up the better, Scotland and Wales would be better off without dictatorial Westminster and London city consuming wealth and attention when there are more important matters to be attending.

Roger Lewis

an interesting perspective. Have you done any analysis of UK money Supply and real aggregate demand in the UK household sector?

johnm33

Very interesting, thanks.
Its good to know my impression of the way things are going is right [i think]. The politicians seem much more concerned about carving up the pie, [to satisfy their sponsors?], and spending fortunes on marginally useful schemes, than in enhancing the lives of the majority by kickstarting the 'real' economy. Perhaps they don't know how.

Rob Smithson

How much does 'imperialistic' Britain give away in foreign aid every year and how can we afford it if we're broke?

Oh yeah, fiat currency. They just print it out of thin air.

Mellie

Fine article as always.

Frankly, if Britain's international position were to shrink significantly then that would be good for the rest of the world - the ability of Britain's rulers to be imperialistic bastards would be reduced.

Small consolation for workers and unemployed in Britain, though.

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John Ross

  • Is Senior Fellow at Chongyang Institute for Financial Studies, Renmin University of China

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