"While UK Prime Minister David Cameron and his chancellor George Osborne claim their austerity policies are making the UK economy stronger, a devastating report by the World Economic Forum argues otherwise. In fact, parts of the UK economy are now performing worse than Haiti and Zimbabwe. The World Economic Forum releases it’s Global Competitiveness Survey every year, a major report that is read and referenced by decision makers in politics and business the world over. This year, the UK slipped from 9th to 10th overall, out of the 140 countries studied. But if Cameron and Osborne are saying the UK economy is not only in recovery, but the fastest growing economy in the developed world, how can we be slipping down the league tables? The answer is debt. In the area of the assessment entitled ‘macroeconomic environment’, the UK came 108th, behind Haiti, Senegal, Zimbabwe and even Liberia.
When examining the macroeconomic environments of the 140 countries in the study, the World Economic Forum assessed five factors to build that ‘big picture’. While the UK’s overall rank was a dismal 108, we actually ranked significantly lower than that in several key areas. • Inflation: 1st of 140 • Country credit rating: 14th of 140 • Government budget balance: 118th of 140 • Gross national savings: 118th of 140 • General government debt: 123rd of 140 Cameron and Osborne claim to have balanced the UK’s books, yet one of the most respected global studies ranks the UK’s budget 118th in the world. Something is wrong with this picture."