A quick look at Britain’s economic growth since 1945 shows that claims of decline and resurrection, before and after Europe, before and after Thatcher, are not all they seem.
In figures provided the Centre for European Reform (a London-based think tank) Britain’s average GDP growth rate (in real terms) from 1945 to 1973 (outside what was then called the European Common Market) was 2.8 percent.
From 1974 to 2008 (with Britain a full member of the European Economic Community, as it became before its final form as the EU) this fell to 2.3 percent.
From 2009 to 2019, between the financial crisis and Brexit, this dropped further to 1.3 percent.
Britain’s growth rate, in other words, has shown a long-term slowdown irrespective of membership in Europe, much like that of the rest of the West.
When compared with the growth rate of other countries, however, Britain’s performance looks better in Europe than out.
Outside, its economy grew about half as quickly as France’s and Germany’s did. Inside, up until 2016, it grew at roughly the same rate; after Brexit, it slowed slightly.
Which figures are more significant? That depends on what story you’re trying to tell about "in" or "out".
As Winston Churchill said "There are lies, damn lies and statistics".🙂