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1 Related article Business growth, employment and inflation: Where are the UK’s big firms, and how strong is the UK economy?
Business Insider/Robert Hall The UK economy is currently in a tailspin, according to a new report from the Office for National Statistics.
It’s now a net debt-to-GDP ratio of 107.2%, the highest in the G7 and one of the highest of any G7 country.
At the start of the year, the UK had a debt-total of £15.7tn.
This year, according a preliminary report from Moody’s, it’s £17.9tn.
Its public debt-level is £17 trillion.
Its trade deficit is £10.3tn, a third higher than last year, and its inflation rate is nearly four times higher than the OECD average.
The main reason for the current economic malaise is a massive drop in the value of the pound.
In January, the pound hit a new all-time low against the euro.
This has reduced exports by more than 50% in the last 12 months, and led to a sharp drop in UK imports.
As the report notes, sterling has been hit by a string of Brexit-related factors: Brexit, which reduced the value and trade surplus between the UK, EU and non-EU countries; and the financial crisis, which drove up the cost of borrowing.
However, it also points out that the government has a “robust recovery programme” that has been a big part of the success story.
The Government has slashed its public spending and increased its deficit by more that half since 2010.
This is helping to lower inflation, boost economic growth and drive the economy towards the growth target.
The report notes that the UK has seen a rebound in its manufacturing sector, which has been particularly hurt by the fall in sterling.
The report says that since the Brexit vote, the number of companies in the private sector has increased by 12.7% while the number in the public sector has fallen by 1.9%.
In the last four years, the total number of firms has risen by 30.9%, while the total size of companies has shrunk by 17.9% as a proportion of GDP.
The biggest increase has been in the number and size of start-ups.
In 2016, the start-up rate for UK firms was at 6.3%, up from 5.9 in 2015, but that has fallen to 3.3% in 2017, according the report.
In 2016, there were 1.7 million UK companies in total, with 7.4% of them valued at more than £1bn.
For the year to March, the value added in the sector fell by 0.6%, as the decline in the start up rate has pushed up the value for UK companies and reduced the number that are valued at less than £50m.
This also has led to the fall of some UK-based firms in the tech sector.
Overall, the report says, there are now around 4.3 million British companies, with the value in the industry at £6.3 trillion.
This includes 4.2 million start- ups, 1.3 billion new jobs and 2.1 million small and medium sized businesses.