UK faces biggest hit to growth from Iran war of major economies, IMF says

Well the simple and candid explanation is that in a globalised world, a relatively small northern island needs to be highly integrated with the global market because they clearly can't make everything at home. From energy to goods & wares, to labour. A modern economy needs all the sectors to work undisturbed as one lagging behind drags all the other sectors down. But on the other hand, the UK has made a few populist mistakes in the past decade and took itself out of a lot of institutions in an effort to regain some (ironically) sovereignty. So now every international event that destabilises its imports, for example, takes a lot longer to find alternatives because the aforementionned sabotage. An open market has its advantages, too. Anyhow, the UK has realised it's not great and are legislating to integrate more/back with a lot of markets.

Because we outsourced most of our economy and severed ties with 20+ of our closest economic partners

Short answer is usually that we are often particularly exposed in a globalised world. We import lots due to having a limited industrial base due to a multitude of factors. This current issue is an energy crisis. We import lots of energy and pay a lot for it. It's one of the biggest cost of living drivers we face collectively. Businesses and consumers paying lots for energy is no bueno. The likes of France are less exposed by this all due to them importing less energy, as the French were smart enough to invest in Nuclear when oil/gas was c****, and also are moving into renewables. We are reliant on c**** gas in particular and it takes approximately 3 centuries for us to build a power plant. It's also worth noting there's a bit of a nuance here. We are having a growth rate revised as per the headline. But that revision is to a level which is still the same as the likes of Germany. And it is still growth. And next year we are forecast to have the highest growth. And also for some reason, organisations such as the IMF have always really struggled with predictions around the UK. I swear there is quite a trend of us being predicted to do worse than things turned out. The path out of this is to invest more in renewables + batteries + nuclear.

Better question is; how often has the IMF been right. Statements like this are meaningless

Because it makes a great story. [https://www.imf.org/external/datamapper/NGDPDPC@WEO/GBR/DEU/FRA/ITA/CAN/JPN](https://www.imf.org/external/datamapper/NGDPDPC@WEO/GBR/DEU/FRA/ITA/CAN/JPN) Most of the advanced economies are in a similar boat, minus the US. We are currently second of the non US G7 in terms of GDP per capita. We have a lot of problems but so do most other similar countries. And it gives a certain kind of person a platform to begin their Brexit rant. We do have serious issues on energy costs, that are worse than other developed countries, this is mostly down to going so big on gas without really getting into gas storage. We have low labour productivity growth, which is our real true big problem but then again the rest of the G7 other than the US has that issue as do many other non G7 advanced economies. Fix productivity, everything else shrinks as a problem, dont fix it, its the problem that will drag us down.

Probably help if we taxed the wealthy

Because outside of London, the rest of the UK has the same GDP as the US state of Mississippi which is the poorest state in the US. The weather is also sh

Should ask the BBC.

Yes I see positive news that we are at least headed in that direction 🤞

That would be lovely but your economy pensions crisis looks like it's about to explode and may drag the Euro down and I don't think we in the UK want to be on the hook for that when it happens.

I mean it's not like the EU is a poster child for growth or financial health.

All 27 members would have to agree. It’s not that easy.

Electricity isn't really a problem in the summer. UK has something like 22 GW of solar and 32 GW of wind, and the summer has a lower demand.