UK faces decline in living standards, high inflation
The CEBR’s annual World Economic League Table, released Friday, forecasts that by 2030, the UK will drop from 19th to 22nd in global GDP per capita rankings, overtaken by Hong Kong, Finland, and the UAE. By 2035, the UK’s living standards are expected to fall below those of Malta, a former colony.
In dollar terms, UK GDP per capita is projected at $58,775 for 2026. Over the next five years, the report predicts Britain’s GDP per capita growth will be the second-lowest among G7 nations, ahead of only Japan.
CEBR economist Pushpin Singh highlighted a “triple challenge” for the UK economy: high inflation, elevated public debt, and slow growth. He noted that international competitiveness is being undermined by countries with lower taxes and lighter regulation, while the UK continues to struggle with an “inability to shrink state spending.”
The report also observed that 2025 marked the first full year of the Labour government. “Having been elected on a platform to boost growth, only very limited success has been achieved,” the study said, estimating economic growth of just 1.4% for 2025 and projecting an average annual growth rate of around 1.5% in the coming years.
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