Not only do Italians enjoy better food, warmer weather and la dolce vita, they’re now richer than us too. Adjusted for the cost of living, Italy’s GDP per capita has overtaken the Britain’s for the first time this century, according to the World Bank.
Though the gap in living standards is small – the Italians and the British both have GDP per capita of just over $60,000 (£44,000) – the symbolism is huge. Back in 1987, when Italy’s economy briefly overtook the UK’s in size for the first time, the news prompted an outpouring of patriotic sentiment and became known as il sorpasso – “the surpassing”.
It hasn’t always been plain sailing for our Mediterranean rivals. After 1945, Italy’s weak coalitions became a byword for political instability.
For decades, the country has struggled with demographic decline and fiscal debt crises. In 2011 there was national humiliation when the then prime minister, Silvio Berlusconi, was effectively removed from office by Brussels, which threatened to force Italy out of the eurozone.
Today, however, Italy seems to have achieved an enviable stability. Under Giorgia Meloni’s tough-minded conservative leadership, Italy is now among the most desirable domiciles in Europe, not least for millionaires fleeing the Labour Government’s tax raids.
Not only do Italians enjoy better food, warmer weather and la dolce vita, they’re now richer than us too. Adjusted for the cost of living, Italy’s GDP per capita has overtaken the Britain’s for the first time this century, according to the World Bank.
Though the gap in living standards is small – the Italians and the British both have GDP per capita of just over $60,000 (£44,000) – the symbolism is huge. Back in 1987, when Italy’s economy briefly overtook the UK’s in size for the first time, the news prompted an outpouring of patriotic sentiment and became known as il sorpasso – “the surpassing”.
It hasn’t always been plain sailing for our Mediterranean rivals. After 1945, Italy’s weak coalitions became a byword for political instability.
For decades, the country has struggled with demographic decline and fiscal debt crises. In 2011 there was national humiliation when the then prime minister, Silvio Berlusconi, was effectively removed from office by Brussels, which threatened to force Italy out of the eurozone.
Today, however, Italy seems to have achieved an enviable stability. Under Giorgia Meloni’s tough-minded conservative leadership, Italy is now among the most desirable domiciles in Europe, not least for millionaires fleeing the Labour Government’s tax raids.