The French flag is pictured at the Elysee Palace following the weekly cabinet meeting in Paris, France, May 4, 2016 [Image: Reuters/Jacky Naegelen].

The French flag is pictured at the Elysee Palace following the weekly cabinet meeting in Paris, France [Image: Reuters/Jacky Naegelen].

So, under Conservative rule the national debt has more than doubled, every deficit-reduction promise has been broken, the UK’s credit rating has plummeted and now our economy is falling behind France.

And this is supposed to be the party of financial competence?

Neoliberals in the Labour Party take note: This is a result of the same failed ideology you follow.

France and Britain were vying for fifth place on the list of the world’s biggest economies on Wednesday, with France nudging ahead after a renewed slump in the pound in the wake of the Brexit vote, Reuters calculations showed.

Britain’s gross domestic product stood at 1.864 trillion pounds in 2015, according to the last available figures from the International Monetary Fund.

The average exchange rate for the year in question is commonly used for comparisons between countries. But using the current exchange rate, France has pulled slightly ahead.

With the pound falling below 1.17 euros overnight for the first time since 2013, that means the size of the British economy in 2015 is now equivalent to 2.172 trillion euros – less than France’s official GDP of 2.182 trillion euros last year.

Britain’s vote in a referendum on June 23 to quit the EU has hammered financial markets, rattled businesses and punished the pound.

Source: France overtakes Britain as world’s No. 5 economy after pound drops | Reuters

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