In The Daily Telegraph  Lord Livingston wrote UK’s fall from the fifth biggest economy in the world to the sixth place is unacceptable in the long term. UK is now behind US, China, Japan, Germany and France in US Dollar terms. UK annual GDP of about £1.8 trillion is worth few dollars dropping down on place down the table.

The rankings produced by the World Bank, which after taking official annual GDP figures and converting them into US dollars using an average exchange rate for the entire year. The UK third quarter of 2016, GDP figures published by the office for National Statistics, reveal a growth of 0.5%. Over the same period the average rate was $1.3925 according to data from Bank of England, and if we convert our GDP in Pounds sterling into US dollars that gives us a GDP of $1.949 trillion in the first nine months of 2016.