Transcribe your podcast
[00:00:00]

Now, when it comes to campaign check, one of the things we're trying to do is not just do fact-checking, but give a bit of context to some of the claims that we hear about. There's an interesting one here from the Labor Leader, Kirstama, talking about the state of the UK economy and comparing it with other countries around the world. It's this. He said it last year, actually, The British people are falling behind. I'm not comfortable with the trajectory that will soon see Britain overtaken by Poland. Well, what is that trajectory? Let me just show you what the Labor Party and the Labor Leader were talking about here. Here you have lines showing you GDP per capita, basically how well off we are, comparable. Poland there rising fast, the UK rising less quickly. And if you just assume that those lines continue as they have been for the last 10 years, here is what happens. The red line goes up very quickly, the blue line goes like that, and indeed, by 2030, look, that red line has overtaken the blue line. Poland has overtaken the UK in terms of GDP per capita. That is the point that Kirstama is making.

[00:01:01]

But here's the thing, you can't really treat economics like this because fast-growing frontier economies, they don't always maintain their growth rate. You can't always assume that that's going to continue as it was before. Actually, interestingly, the International Monetary Fund has done its own work, an actual forecast on what happens in the future. And look at this, okay? Compare it with those other lines. The UK goes up more quickly, Poland goes up less quickly than the extrapolation, and actually, by towards the end of the decade, the UK is still 8% bigger. Yes, they're certainly narrowing But not half as quick as you might have got the impression from Keir Starmer. To give you a sense of just how ridiculous this is, let's do the same experiment, not just with the UK, but with Poland and the whole of the G7. So these are all the G7 nations like the UK and Germany and Japan and so on. That's the US, as you can see. What happens if you extrapolate recent growth with the future? Have a look at this, okay? So the G7 goes there, the US goes up like this. But look at Poland. Not only does it overtake all of the rest of the G7, including Japan, including Germany, but by 2050, Poland has overtaken the US to become one of the world's wealthiest economies.

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It does seem slightly extraordinary, but that is the mathematical trick that's being played there in order to make it seem like the UK is falling behind. It's just one of the tricks that we've seen in this long election campaign.