UK slides down progress ranks as crisis bites

THE BRITISH economy has displayed “persistent structural weaknesses” in comparison to many other countries, losing a significant part of its competitive edge since the millenium.

According to a report released by PwC this morning, the UK ranked 19th on a list of 30 large economies in 2012, when accounting for 20 major economic, political and social indicators. In 2000, the UK held 12th place, and 13th as recently as 2007.

In comparison, the US has dropped four places to 14th since 2000, while countries like China, Chile and Saudi Arabia have climbed the ranks during the 12 year period.

Sweden held its spot at the top of the list from 2007, with Switzerland and Singapore in second and third place respectively.

John Hawksworth, PwC chief economist and the author of the report, said: “We find that the UK lags behind the average of its advanced economy peers in terms of investment, education, trade, income inequality and also general levels of trust in the population.”