How the UK is becoming a ‘third-world’ economy

Wealth and Decline — The UK’s Struggle Behind the Glitter

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The United Kingdom, which at its peak was an empire where the sun never set, ruled around 25% of the world and colonised the wealthiest countries of that time, is now slowly moving towards economic decline.

London, which is considered the “City of Dreams,” is one of the wealthiest cities globally.

Its economy, worth around £508 billion ($652 billion), would rank as the 22nd largest economy worldwide.

If London was an independent state, placing it above nations like Argentina and Sweden.

Despite this, London’s prosperity is atypical for the rest of the United Kingdom. This small area of Southeast England, home to about one-third of the country’s population, generates nearly half of its GDP.

Without London’s output, British living standards would fall by 14%, barely staying ahead of Mississippi, the poorest state in the U.S.

However, the U.K. has seen better days. The last decade has been particularly tough, with real disposable income (income after taxes and benefits) still needing to grow.

As the cost of goods and services increases, the average Briton can buy…