51:The UK Economy 1.Relative decline of the UK economy The UK has experienced an economic decline since 1945.But this is a relative decline rather than an absolute one.Britain is wealthier and more productive than it was in 1945,but since other countries developed more rapidly,it has slid from being the second largest economy to being the sixth. 51: The UK Economy 1. Relative decline of the UK economy ◆ The UK has experienced an economic decline since 1945. But this is a relative decline rather than an absolute one. Britain is wealthier and more productive than it was in 1945, but since other countries developed more rapidly, it has slid from being the second largest economy to being the sixth