A leading environmental economist has said that Britain has no plans to respond to US and European Union subsidies for green industries, as the country has nothing to subsidize.

According to the Institute for Public Policy Research, the government must fill a £5.8 billion ($7.1 billion) void in green home investment.

Economists anticipate that the economic downturn in the United Kingdom in 2023 will be nearly as severe as that of Russia, due to a significant decrease in the standard of living for households that will have a negative effect on the economy.

The U.K. economy is facing a number of challenges, including sky-high inflation and energy costs, a Brexit-related trade tailspin and a recession.

The United Kingdom is hoping to replicate the success of the financial services revolution that Margaret Thatcher initiated in the 1980s.