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British services exports are projected to reach a historic milestone of £500 billion in 2025, marking a remarkable doubling of foreign business over the past decade. The surge is primarily driven by the nation’s robust finance, legal, and business advisory sectors, according to latest research from PwC.
The optimistic outlook for services comes amid a shifting European economic landscape, where Eastern European nations are rapidly gaining ground. Countries including Poland, Hungary, and the Czech Republic are poised to collectively surpass Britain’s GDP next year, reflecting their substantial growth trajectory since joining the European Union in 2004.
World Bank forecasts suggest Poland’s living standards, measured by GDP per person, could soon eclipse those of Britain if current economic patterns persist. This development signals a significant realignment of European economic power dynamics.
The UK’s traditional energy sector faces challenges, with crude oil production expected to drop below 30 million tonnes in 2025, reaching its lowest point since 1977. However, the nation’s renewable energy sector demonstrates strong growth, with wind power generation set to provide three months equivalent of power supply, representing a 135% increase from 2015 levels.
PwC’s chief economist, Barret Kupelian, highlights demographic pressures as a key concern. The proportion of Britons aged 65 and above is set to reach 20% of the population in 2025, up from 16% in 2000, potentially straining public finances through increased health and pension expenditure.
Defence spending patterns across NATO allies are also evolving, with Poland, Estonia, and the United States emerging as the alliance’s top military spenders relative to GDP. While British defence spending is expected to increase to 2.4% from 2.3% of GDP in 2025, it will lose its position among the highest-ranking nations in terms of military expenditure.
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