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You Had a Good Run: London Notes UK No Longer a Top Five Global Economy

© AP Photo / Kirsty WigglesworthAn anti-Brexit, pro European Union campaigner holds a EU flag, near Parliament in London, Wednesday, Nov. 22, 2017. Britain's Treasury chief has little room to maneuver Wednesday as he reveals his spending plans to a nation bracing for the shock of Brexit.
An anti-Brexit, pro European Union campaigner holds a EU flag, near Parliament in London, Wednesday, Nov. 22, 2017. Britain's Treasury chief has little room to maneuver Wednesday as he reveals his spending plans to a nation bracing for the shock of Brexit. - Sputnik International
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The UK is no longer one of the world’s five largest economies, as Chancellor Philip Hammond admitted that 'Britain is the world’s sixth largest economy.'

During a Wednesday budget meeting, Hammond, while attempting to paint a rosy picture of British economic health, let it slip that things aren't as well as they have been in the past, particularly as the UK is now behind France in global economic standing.

Britain's Prime Minister Theresa May and Chancellor of the Exchequer Philip Hammond visit an engineering training facility in the West Midlands, November 20, 2017. - Sputnik International
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The countries that now lead the global financial list are (in order) the US, China, Japan, Germany and France. Britannia now trails behind almost all of its former foes.

But the UK chancellor remained upbeat in the face of a darkening economic outlook brought about, in part, by the upcoming Brexit.

"London is the number one international financial services center," Hammond asserted, adding, "We have some of the world's best companies."

The UK politician also suggested that Britain enjoys a "commanding position in a raft of tech and digital industries that will form the backbone of the global economy of the future."

"Those who underestimate Britain, do so at their peril," he declared, cited by The Independent.

But, as productivity and growth forecasts in England and its satellite states have been slashed, Hammond admitted that, as of now, "Britain is the world's sixth largest economy."

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