All of a sudden, the UK received a shot in the arm on Thursday as the Office for National Statistics (ONS) reported that Britain was the best performing economy of the G7 countries in 2016 despite the fact they voted last June to leave the Eurozone.
In fact, this report is providing the Prime Minister of England added incentive as she comes to Washington to negotiate with the new President on trade and strengthening long-standing ties.
“Britain’s economy grew faster than expected in the final quarter of 2016 showing no signs of the downturn many economists had predicted after the country voted to leave the European Union in June.
The preliminary estimates from the Office for National Statistics (ONS) show the economy grew by 0.6 percent October to December, which was a touch better than the 0.5 percent rise expected by City economists. The Q4 GDP growth was also in line with the 0.6 percent growth seen in the third and second quarters.
Growth for the year as a whole was two percent, also above expectations but slower than the previous two years, which showed growth of 2.2 percent and 3.1 percent respectively. The annual figure means UK was the fastest growing economy in the G7 last year.
The UK economy’s strong performance came on the back of a booming services sector, which grew 0.8 percent from the previous three months. Services make up roughly 80 percent of the country’s GDP.”
— Russia Today
The bureaucracy that is the European Commission has proven to be a detriment to economic growth, and has stifled the region's productivity through onerous regulations, and a failed policy of economic sanctions against one of their biggest customers. And in just six months time since leaving the EU, the UK has seen a boost to their economy by being able to form bi-lateral trade partnerships that would have been impossible under EU rules.
As Prime Minister May prepares to meet with President Donald Trump tomorrow for the first time since his inauguration a week ago, both offices appear to be going into this meeting with fresh perspectives, and high expectations. And the fact that each of their new administrations have chosen to ditch their former policies of globalist, or corporatist free trade, they now have at their disposal different models in which they can use that have been tested successfully by both Russia and China.
“Following a disparaging statement from the French Finance Minister earlier in the day, in which Michel Sapin said that “Madame May can go see whoever she wants. I understand she goes to see the new U.S. president given the history between the U.S. and the U.K” and added that “she is not going there to negotiate,” because allegedly “neither she nor Mister Trump are in a position to negotiate”, May decided to prove him wrong, and urged the US and UK and their leaders to stand united and confront new challenges, including the rise of economies in Asia that people fear could “eclipse the West,” the threat of Islamic extremism and a resurgent Russia.
”So we - our two countries together - have a responsibility to lead. Because when others step up as we step back, it is bad for America, for Britain and the world,” May told members of Republican Party at their retreat in a speech often punctuated by applause from an enthusiastic crowd.
”This cannot mean a return to the failed policies of the past. The days of Britain and America intervening in sovereign countries in an attempt to remake the world in our own image are over. But nor can we afford to stand idly by.””
This is long but important: Theresa May says it's time to engage with Putin and calls for cooperation with Russia rather than conflict. pic.twitter.com/6rOqpX9LXQ
— Jim Waterson (@jimwaterson) January 26, 2017
For the United States and the United Kingdom, their changes in both leadership and sovereignty provide each with a clean slate in which to chart a new future course for their respective nations. And if this comes in the form of new trade agreements, geo-political pacts, and continuing progress in the 'draining of each other's swamps', it will probably not be long before other Western countries like Italy, France, and Greece rush to follow in their footsteps, and seek their own determination without the authority and control from tyrannical bureaucracies.