UK Slips Down World Prosperity Index, As Inflation Reaches
Highest Level In A Decade
This year’s Legatum Prosperity Index finds that prosperity
has plateaued for the second year running.
Scandinavian countries, Denmark, Norway, Sweden, topped the
list again, with the UK slipping to 13th place behind Ireland
despite being the 6th largest economy in the world.
The world’s biggest economy, the US, was ranked 20th
and the number two economy China only ranked in 54th place, behind countries
like Panama and Georgia.
Whilst the plateauing of prosperity has been caused — at
least in part — by the health and economic consequences of the COVID-19
pandemic, it has also been driven by the concerning erosion of many of the core
features that underpin prosperity. Specifically, we have seen an ongoing
deterioration in Political Accountability and Freedom of Speech and Assembly in
most regions of the world. We are calling this out as a key area of concern.
The Rise of Africa
We have seen prosperity stall for the second successive year
in the world’s two most prosperous regions (North America and Western Europe),
while in the least prosperous region (sub-Saharan Africa), it has improved for
the 11th year in a row.
Full list and rankings: https://www.prosperity.com/rankings
Source: Legatum Institute
The cost of living in the UK rose at the highest rate in 10
years as the official inflation rate hit 4.2% this month – more than twice the
Bank of England target rate.
Interest rates will rise in December or January after the
central bank’s Monetary Policy Committee held the base rate this month.
Inflation is getting out of control around the world, party fuelled
by rising commodity prices and money printing, and rate rises to control it could
trigger another recession and stock market fall.
Markets are already jittery, but Gold and Cryptocurrencies have
increased on inflation fears.
Joe Biden’s $1.7 Trillion spending plan has been passed by
the US House of Representatives. The UK and Japan have also announced
multi-billion spending sprees to revive their economies.
Amazon has stopped accepting payments Visa credit cards in
the UK due to higher charges in a move which could see a payment system
disruption.
Property prices eased last month, which is normal for the
time of year, but China and the US continue to experience market falls.
Alibaba slumps by 10% on sales forecast warning.
Austria to make vaccines mandatory and going into full
lockdown, BBC reports.
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Demand Down 60% Says London Estate Agent As Chinese Buyers Dry Up - https://youtu.be/4RLroedmkX4
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