LIVING standards in Britain will fall behind former Communist states over the next decade without a serious plan for growth, leading economists say.
The UK will be overtaken in the standings by Lithuania in 2030 and Poland in 2034 if current trends continue.
The shocking research comes from a new book Prosperity Through Growth which is authored by names including Lord Matthew Elliott.
It comes as the International Monetary Fund said that living standards would grow at the slowest rate in the G7.
The UK was the world’s 30th richest economy in 2024 when taking growth into account when cost of living and inflation has been taken into account.
The analysis shows that Britain will fall to the 46th richest country by 2050.
Experts suggest cutting business regulation and red tape and also adopting refined ‘Net Zero’ policies that is mainly focused on making energy costs cheaper.
Ministers must also focus public spending on big infrastructure and defence projects to turbo charge growth.
Ex-Prime Minister David Cameron said: “We’re in a situation of genteel decline – people just putting up with 1 per cent growth.
“We’re effectively getting poorer, but we’re pretending we aren’t, and we need to convince people it doesn’t have to be that way.
“But we need to convince people we’ve got a very clear plan.”
