Why Is Britain No Longer a Rich Economy? | UK Economy

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It is important to understand that Britain isn't as rich as it believes. There's a reason for this misconception. For the last 15 years, the amount of money families in the UK have for their needs hasn't gone up. Compared to families in northwestern Europe, the average UK family has 20% less money. A survey by the Resolution Foundation in January found that 11% of people in the UK (which is around 6 million people) didn't have enough money for food, so they went hungry sometimes. Britain’s low-growth economy is relentlessly reducing the country’s living standards.

So, what are the reasons for this? Why is Britain getting poorer?

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