UK fastest growing economy for second year in row

‘Many unique selling points’

BRITAIN is set to have the fastestgrowing economy in the G7 group for the second year in a row.

The UK is forecast to grow by 4.7 per cent this year, according to the International Monetary Fund – leaving the United States and the eurozone trailing.

Chancellor Rishi Sunak said last night: ‘After the challenges of the past two years, I’m delighted to see the UK forecast to have the highest growth in the G7 this year – and we were the first major European economy to report returning to our pre-pandemic size.

‘The resilience of the British people is unmatched and we will continue to support them – including through nearly £12billion of support with the cost of living this financial year and next.’

The US is expected to grow by just 4 per cent this year, down from previous expectations of 5.2 per cent. And the eurozone will expand by 3.9 per cent, down from 4.3 per cent.

It came as a report from accounting firm EY said 87 per cent of financial services firms were planning to establish or extend their operations in the UK this year.

The data defies the predictions of pessimistic Remoaners, who said Brexit would decimate Britain’s lucrative financial services industry.

Investor confidence in the UK has also hit a record high, according to EY’s report, as 90 per cent of global financial services investors thought the country would remain as attractive or improve as a place for them to put their money.

Anna Anthony, managing partner at EY, said the vote of confidence was a testament to the UK’s ‘stability and resilience’ in the face of the pandemic and Brexit.

She added: ‘As one of the oldest and most established financial structures with deep capital markets and an unrivalled regulatory system, the UK clearly has many unique selling points attractive to investors in both boom times and crisis.’