The aftermath of Queen Elizabeth’s Diamond Jubilee celebrations is a good time to reflect on Britain’s past. But too much reflection, and an uncomfortable fact is revealed: the combined GDP of Commonwealth countries will grow almost three times faster than that of the eurozone over the next five years.
The eurozone is now one of the slowest moving economies globally, expected to grow at an average rate of just 2.7% per year in the same period. The speed of the Commonwealth’s growth is not surprising given that the former British colonies comprise several gigantic booming economies, such as India, Australia and many African countries.
This morning, City A.M’s editor Allister Heath pointed out that had Britain maintained its trading links with former colonies after the Empire was dismantled, the economy would now be in much better shape. He argues that Britain has spent decades shunning those economies in favour of the eurozone, which is now the most stagnant economy in the developed world, and now we’re in deep trouble. Yikes!
It’s hard to know, however, whether those colonies would have been interested in our trade having finally managed to rid themselves of their administrators…