After analysing data – including UN immigration projections, manufacturing output figures and government spending projections – Toscafund predicts a boost for Britain thanks to job creation in finance in the City of London, a strong education sector, and solid links to emerging market economies.
“Opinion is so dour about the UK,” Savvas Savouri, Toscafund’s chief economist, told the Financial Times. “We wanted to expose how misinformed the received wisdom about the economy is.”
Savouri added that an “austerity obscured census” is hiding the benefits the UK is receiving courtesy of large-scale “evacuation” of capital and skills from struggling European economies.
Savouri also put Britain’s sluggish performance down to “extremely weak” consumer spending, believing that to be “a handbrake that will come off quite quickly” once sentiment shifts.
“This [research] is not a paean for the UK,” he said. “It was a serious research exercise to try and expose how much of the perception of our dismal economic situation is myth.”
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