Great Britain is on the ‘cusp of an economic boom and credit expansion’, according to a report in the Telegraph.
Yes, the paper that has championed such glittering prime ministers like Boris Johnson and Liz Truss and would often be right at the top of a list of anti-Labour publications is predicting that good times are ahead of the UK.
Writing in the publication this week, International Business Editor Ambrose Evans-Pritchard said the British economy was showing signs of being in the “early stages of a powerful cyclical recovery, and perhaps the highest growth rates for a generation.”
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Evans-Pritchard said this was down to debt in the private sector plummeting, along with British households paying off huge amounts of mortgage debt.
This means the country appears to be sitting on “the coiled springs of a pent-up credit boom,” which is “likely to reshape the political landscape beyond recognition over the next three years,” Evans-Pritchard writes.
He pointed to the fact that the UK is now one of the least indebted countries in the developed world and the private sector now has an “extremely healthy balance sheet.”
But if you were expecting the Telegraph to give Labour some credit for this though, you’ll be disappointed.
According to Evans-Pritchard, this looming economic boom has little to do with Government policies, although he admitted it would likely be Labour who benefit from it.
Other factors that play into the potentially positive outlook for the economy are the lowering cost of oil and gas because of a global supply glut and expectations that inflation will drop to 2 per cent by April.
This would clear the way for a cut in interest rates to 3pc this year.
However, Evans-Pritchard said this boom would be reliant on Britain fully embracing artificial intelligence.
The UK’s industries of services, finance, life sciences, and technology are an ideal fit for the quantum gains from AI,” he wrote.
Overall, Evans-Pritchard reckoned that a “sustained burst of 3 per cent” growth is not out of the question for the British economy.
It’s not all doom and gloom then!