Britain drops to bottom of G7 growth table

 

Britain has toppled from the top to the bottom of the league of G7 leading economies in the year since the Brexit vote, with official data revealing slower growth than previously thought.

The Pound dropped 0.7 per cent against Euro on the back of weaker-than-expected gross domestic products figures. House price too fell for the first time in 9 years with higher levels of consumer debt.

Britain has been the fastest-growing economy in the G7 on the eve of the Eu referendum, new figures from the National Statistics office showed UK growth below the US, Japan, Germany, France, Italy, and Canada.

Despite the UK’s weak economic performances, the household finances are stronger than thought due to customers increased willing to borrow.

House builders hope Theresa May will announce next week at the Tory Conference an in increase in cash for its Help to Buy scheme so that desperate young people struggling can get on the housing ladder. The scheme, due to end in 2021 allows young people to buy new homes with a deposit of only 5 per cent by using low-interest equity loans from the government. The sale of 134, 000 homes have been linked to these loans, although critics argue that it has mostly boosted profit at housebuilders without reducing pressure on the housing market.