We're doomed I tell you!

BBC NEWS | Business | Britons 'richer than Americans'

Britons 'richer than Americans'



The average UK person will this year have a greater income than their US counterpart for the first time since the 19th Century, figures suggest. Analyst Oxford Economics said the UK's GDP per head of population will reach £23,500 - £250 higher than in the US.
However, because goods and services are cheaper in the US, Americans will have stronger purchasing power, it added.
UK GDP per capita will also be higher than in Germany (£21,665) and France (£21,700), Oxford Economics calculated.
Managing director Adrian Cooper said: "The last 15 years have seen a dramatic change in the UK's economic performance and its position in the world economy.
"No longer are we the 'sick man of Europe'."
Oxford Economics said that in 1993, following the last major recession and the UK's ejection from the ERM, GDP per capita in the UK was 34% lower than in the US, 33% lower than in Germany and 26% lower than in France.
It said the improved UK position reflected the sustained strong growth it has enjoyed since then and the recent strength of sterling.
Mr Cooper said: "The UK has been catching up steadily with living standards in the US since 2001, so it is a well-established trend rather than simply the result of currency fluctuations."

 

Its; all relative though - It's no good having a slightly higher wage, when things cost twice a smuch (eg petrol, property etc)

 

I assume they are talking about the mean salary, which is badly distorted by the (small) number of people on massive salaries. What would be more interesting would be the median salary, which last I heard was about £21k.


M

 

richer

pay more for goods and service

 

I think this says it all really!...

 

....and this makes the rest of it totally meaningless. Purchasing power is what matters - and we're still way behind the US in that term; and that term is all that matters.

 

Hello

I worked for an American company as a 'global' person. When I was employed I earned a reasonable wage, by the time I decided to leave I was on a HUGE wage in comparision with our American friends. Nothing to do with me, more that the exchange rate went from $1.6 to $2.05.

Steve

 

Load of old cobblers, as was said-purchasing power is what counts anyway!

Mr Cooper cant be that stupid surely!

Les