Britain Top Man In Europe

Englishman

As 12 European Countries, including the dominant German and French communities, prepare for the introduction of the Euro, Great Britain stands pretty well alone in witholding the sacrifice of it's currency.

January 1, 2002, sees the complete ending of the Mark, Franc, Escudo, Peseta, Drachma and other currencies as most of Europe chooses to totally adopt the new monetary system, the Euro.

Britain has come in for a welter of criticism for holding back from joining the rest of Europe until it deems that the time is right.

Recent figures now show that Britain has the highest GDP in Europe, trailing only behind the USA and Japan worldwide. The foretold recession is also reckoned to miss Britain, a growth of 2 - 3% holding up the economy.

A recent survey shows that the British now spend almost 21% of their income on leisure activities, whereas the rest of Europe manage an average of about 12%.

Is this a good time to be British? Maybe so, if recession hammers into the US and Japan it could well be the best country in the world to live in once more.

Englishman.

Bring on the dancing girls!

fodeja

As 12 European Countries, including the dominant German and French communities, prepare for the introduction of the Euro, Great Britain stands pretty well alone in witholding the sacrifice of it's currency.

As a matter of fact, the Euro has been around since 1999-01-01. From that point on, Peseta, Mark or Franc haven't been more than different names/units of the same currency. The fact that EUR notes and coins will replace national notes and coins beginning with 2002 is mostly a psychological change, I'd say.

Recent figures now show that Britain has the highest GDP in Europe, trailing only behind the USA and Japan worldwide. The foretold recession is also reckoned to miss Britain, a growth of 2 - 3% holding up the economy. ... if recession hammers into the US and Japan it could well be the best country in the world to live in once more.

GDP per capita isn't all there is to quality of living. Actually it doesn't say much unless you look at income distribution as well, and inflation rates, and savings ratio...etc.

If you consider things like crime statistics or less quantifiable factors such as a high quality public health system, Britain doesn't really excel there. I'd guess that environmental statistics don't look that good, either, but that's just a guess.

All in all, Britain's decision to not join the EUR makes perfect sense at this point, but sooner or later the situation is bound to change.

f.

roybatty

I thought Romania was the best European country to live in?

Englishman

You have to remember that if you want your health treatment totally free of charge that a considerable wait may be required, otherwise you can be treated privately just like in the US.

Inflation is so low that you could skate on it. Environmentally, we outclass most countries with lowest emissions of greenhouse gases.

Romania, Roybatty? Ha ha!

Englishman.

Bring on the dancing girls!

sleepy

I must say I have noticed we Brits seem to be getting richer.
I hope it all doesn't end in a fall like the end of the eighties.
House prices though are ridiculous , In any big southern city first time buyers are out priced and you can forget London.
If this doesn't change I carnt see the current economical situation lasting.

fodeja

Inflation is so low that you could skate on it.

Well it's not that much different from the Euro zone (which had just slightly more than 2% for November), and I wonder how long it lasts, considering that Britain's Central Bank tends to lower interest rates more aggressively than the ECB.

You also have to ask yourself how Britain manages to be somewhat decoupled from the economic slowdown of its main trade partners (EU and USA): this growth comes from the British consumers. Private households spend more money, and considering the traditionally low savings ratio in Britain, they're probably spending quite a bit of borrowed money now that interest rates are low. Sometime next year, Her Majesty's central bank will begin raising interest rates again to counter inflation pressure. That's going to hurt those households with debts.

(And You Know would say: "I predict that within 3 months, British economy will come to a crashing halt and you'll share the fate of Argentina, riots and all. Let's make a little wager!" )

Romania, Roybatty? Ha ha!

He's probably confusing it with Rome? ;-)

Anyway, I don't pick my favourite countries from GDP growth rankings. There are more important parameters, as seen in my personal "country with decent places to go skiing" list (Austria, Switzerland, France, Canada, USA are the leaders here), or the "country where you can get decent coffee anywhere" (Italy, France, Austria, most of Southern and Eastern Europe) ranking, or the "country with a variety of excellent beers" (Belgium, Britain, Germany) list, or the "country with the coolest language" list (Finland, Hungary, China are on top).

Seems impossible to find one country that has it all, but I'll keep searching. I've heard good things about New Zealand...?

f.

lv4fer

It is very interesting this whold European unity thing. Has anyone read any of Hal Lindsay's books. He talks about The united Europe as being part of bible prophecy. I'm not saying I agree with him totaly but he does have some interesting ideas.

IslandWoman

Englishman,

I believe a global community is a must, for all of us. What is happening in Europe is just the tip of the iceberg. Global unity forging global solutions to poverty, education, saving the earths natural resources (which in the West are now being sacrificed on the altar of consumer gluttony) etc. is not too far off, not because we will WANT it but because it will be necessary for our survival and happiness.

Thanks for your post, would love to hear more political and economic news from our "mother" country!

IW

Englishman

Fodeja,

Good post, I only take issue with you on one point:

Private households spend more money, and considering the traditionally low savings ratio in Britain, they're probably spending quite a bit of borrowed money now that interest rates are low.

This is not correct. Britain has the largest percentge of home ownership in the World, over 60%. Most of this buying money is obtained using a mortgage via a Building Society, not a Bank. Traditonally, we Brits save with a B.S. collective also. This means that invested - saved - money is used to purchase most homes. If there's nothing invested, there's nothing to borrow, so we must therefore, be great investors.

Englishman.

Bring on the dancing girls!

fodeja

It is very interesting this whold European unity thing. Has anyone read any of Hal Lindsay's books. He talks about The united Europe as being part of bible prophecy. I'm not saying I agree with him totaly but he does have some interesting ideas.

I, for one, think that Starbucks Coffee is a significant fulfillment of bible prophecy: "There will be pestilences" (Matt. 24:7).

f.

Britain Top Man In Europe

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