Shocking new figures show more than two thirds of the British public think the UK is in decline, with a sharp increase since 2021. As GDP falls 0.3 percent in three months, the UK has entered recession as households cut back on spending amid the cost of living crisis.
The news comes as a huge blow for Prime Minister Rishi Sunak, with a decline in all major sectors of the economy and collapse in retail sales in the run up to Christmas.
Mr Sunak had made the economy one of his five flagship priorities for the government, and with a general election later this year it’s thought the news could impact results.
A survey from Ipsos found that 68 percent of Brits have said the country is in decline, while 70 percent said the economy is rigged to advantage the rich and powerful.
Meanwhile a further 64 percent agree that experts in Britain don’t understand the lives of people, an increase since 2021 when 56 percent said the same.
Gideon Skinner, Head of Politics at Ipsos, said: “Going into an election year, we find that Britain, much like other countries, is facing disillusionment with the political and economic system. Whichever party wins the next general election will face the challenge of turning around a widespread declinist sentiment and feelings that traditional parties and politicians do not deliver for Britons.”
The drop in GDP for the fourth quarter included a 0.2 percent fall in services, a 1.3 percent drop in construction and a one percent drop in production.
Liz McKeown, director of economic statistics at the Office for National Statistics, said: “While it has now shrunk for two consecutive quarters, across 2023 as a whole the economy has been broadly flat. All the main sources fell on the quarter, with manufacturing, construction and wholesale being the biggest drags on growth, partially offset by increases in hotels and rentals of vehicles and machinery.”
But do you think Britain is in decline? Have your say in our poll below.
However, it’s not all doom and gloom as positive forecasts indicate Britain’s economy could outperform France and Germany in the coming years.
The Organisation for Economic Co-operation and Development (OECD) projects a positive trajectory for the UK, forecasting a growth rate of 0.7 percent in 2024 and 1.2 percent in 2025.
The OECD report reads: “Europe is also feeling the demand-reducing effects of policy tightening. The United Kingdom has a similar profile, with growth picking up from 0.3 percent in 2023 to 0.7 percent in 2024 and 1.2 percent in 2025.”
