UK 'falling behind economic rivals'

The UK is "falling behind" in the global economic race, Labour claimed as a study showed the economy was set to grow slower than 23 international competitors.

Analysis of International Monetary Fund (IMF) figures by the TUC suggested the UK will suffer a "lost decade for growth".%VIRTUAL-SkimlinksPromo%
The TUC found that in the G7 group of leading economies, only Italy had suffered a worse reaction to the economic catastrophe.

Analysis of IMF GDP per capita figures and projections for 2008-17 showed the Chinese province of Taiwan was expected to grow by 35.7%, with Korea on 29.6%, Hong Kong on 26.2% and Singapore on 24.2%.

The UK's flat 0% figure placed it 24th on the global list and sixth on the list of G7 industrialised nations.

The US was expected to grow 11.2% over the period, Germany 10.3% despite the eurozone crisis, Japan 8.7%, Canada 6.6% and France 1.7%. Only Italy, with a 5.9% contraction, was expected to have a weaker recovery.

With the IMF set to deliver its latest assessment of the UK economy this month, Labour's shadow financial secretary Chris Leslie called for George Osborne to change course.

Mr Leslie said: "George Osborne should not arrogantly dismiss the advice of the IMF team flying into London this week. It's time the Chancellor listened to their warnings that his failing economic policies are playing with fire and that Britain now needs a plan B for jobs and growth.

"This TUC analysis, based on IMF figures, shows that in the global race David Cameron is so fond of talking about, Britain is falling behind as our competitors move ahead. The slowest recovery for 100 years means living standards are falling, the deficit is not coming down and long-term damage is being done.

"What we need now is a plan for jobs and growth and long-term reforms to strengthen our economy, not more of the same failing policies and a tax cut for millionaires."

Forbes rich list: the world's top ten billionaires
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UK 'falling behind economic rivals'

The Mexican self-made telecoms mogul tops the rich list with a wealth that, as Forbes reports, if it were a country would be the eighth richest in Latin America.

Dubbed the world's most generous person, Bill Gates made his fortune as the brains behind Microsoft and has reportedly already donated $28 billion of his wealth to charity so far.

Spanish billionaire Ortega is the man behind the clothes brand Zara and is this year's biggest rich list gainer, making $19.5 billion last year and moving him into third position.

Buffett made his billions as CEO, primary shareholder and chairman of Berkshire Hathaway, A diversified company with interest in GEICO, life insurance, annuity sales and sales of jewellery. He recently signed a lucrative deal to acquire Heinz Ketchup.

Ellison founded Oracle Corporation, a leading enterprise software company. He's America's third richest man and Forbes has reported that he recently bought 98% of the Hawaiian island of Lanai from David Murdock for a reported sum of $500 million.

Koch built his fortune on chemicals and refining and shares the sixth position on the rich list with his billionaire brother, David Koch.

Tied sixth in the rich list with his elder brother Charles, David runs the chemical equipment side of Koch Industries from his New York home.

This self-made billionaire is Asia's richest man and currently supplies a quarter of British people with gas after acquiring British gas supplier Wales & West Utilities for $1 billion last October.

The only woman in the top ten, Bettencourt's father founded L'Oreal and now she and her family own 30% of the French cosmetics super brand.

Branded by Forbes as the 'World's most influential tastemaker' Arnault owns the luxury goods powerhouse LVHM, Moet Hennessy - Luis Vuitton.


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