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UK economy worth £7 trillion
29 October 2008 @ 15:41

The figure equates to the net wealth of all British households, companies and official bodies even after taking the country's enormous debts into account.

Net assets rose by a record £506bn in 2007, an 8% increase on the year before, according to the ONS.

Despite debts of £1.7trillion, this still means each UK household was worth £300,000 and each individual worth £125,000, on average.

The fall in the stock markets and the slump in property prices will have wiped out around £1trillion of the total.

Housing continued to be the country's most valuable asset, worth over £4trillion, around 60% of net worth and up 10% on the previous year.

Stocks, shares, bank accounts and pension plans form a much larger gross asset, worth almost £26trillion, but are more than outweighed by the nation's debts, leaving a net negative contribution of £380bn. Other net assets include offices, factories, vehicles, public non-financial corporations and local government.

Offices and factories and the national fleet of cars, lorries, aircraft and ships make up most of the rest of the national wealth.

When the figures are broken down by ownership, householders come out on top

Despite Britons' notorious appetite for debt, they still have a net worth of $4trillion after £1.5trillion of mortgages and debts have been accounted for. Non-profit institutions such as charities, universities, churches and trade unions accounted for most of the remaining positive net worth.

The biggest liabilities were private non-financial corporations (-£546bn), financial corporations (-£393bn) and central government, which is £202bn in the red.
Source: telegraph

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