UK is only G7 country with smaller economy than before Covid-19

[Scott]

 

The previous estimate for the UK economy in the second quarter had been a 0.1% contraction. Photograph: Andrew Milligan/PA

A weaker than expected recovery from the coronavirus pandemic has left the UK as the only G7 country with a smaller economy than in early 2020, according to official figures likely to further undermine the government’s tax-cutting measures.

Before the prime minister and chancellor’s meeting with the head of the government’s independent forecaster on Friday morning, the Office for National Statistics (ONS) released figures showing that rather than the economy being 0.6% larger than in February 2020, a combination of a deeper recession during the pandemic and a weak recovery had left it 0.2% smaller.

A better than expected performance in the second quarter of this year, overturning a previous estimate of a 0.1% fall to a 0.2% increase and reversing an assessment that the UK was in recession by June, was not enough to boost GDP growth sufficiently to recover from the first lockdowns in 2020 that brought large parts of the economy to a standstill.

https://www.theguardian.com/business/2022/sep/30/uk-is-only-g7-country-with-smaller-economy-than-before-covid-19

[JayClay]

This organisation will no doubt be the next one that the loony right start to blame for all the UK's problems.

 

gexit, anyone?

[Chomper Higgot]

While the PM promises 2.5% growth next year, though to be fair she didn’t specify what that growth would be in.

 

The BOE forecast of August makes depressing reading, and that didn’t include the economic damage wrought by the ‘mini budget’.

 

It’s well past time for the Government to publish the economic plan the PM says she is working to.

 

https://www.bankofengland.co.uk/monetary-policy-report/2022/august-2022#report-august

 

 

[placeholder]

This failure to recover fully and exceed previous GDP can be explained by the decline in UK exports to the EU:

https://ec.europa.eu/eurostat/statistics-explained/index.php?title=United_Kingdom-EU_-_international_trade_in_goods_statistics#:~:text=Imports reached a minimum of,recovered to € 24.8 billion.

Edited October 2, 2022 by placeholder

[Swiss1960]

B & B ( no, not Bed and Breafast, but Brexit and Boris...) is all that is to say...

[candide]

 UK not globalist after Brexit? ????

 

"The Government began using the phrase “Global Britain” shortly after the 2016 referendum to reflect, in the words of then Prime Minister Theresa May: “our ambitious vision for Britain after Brexit”. Boris Johnson, as Foreign Secretary, speaking in the same year, affirmed the Government’s intent to continue to run a “truly global foreign policy”.

 

https://commonslibrary.parliament.uk/research-briefings/cdp-2021-0002/

 

Global Britain in a competitive age: The Prime Minister’s vision for the UK in 2030

Boris Johnson, March 16, 2021

 

https://www.fenews.co.uk/fe-voices/global-britain-in-a-competitive-age-the-prime-minister-s-vision-for-the-uk-in-2030/

[onthedarkside]

An off-topic post and several ensuing replies have been removed.

 

[RayC]

It's the EU's fault!????

[Phoenix Rising]

https://twitter.com/hugh_pemberton/status/1576202764090499072?t=8w1uEo9u_-rZwLpSkk7upQ&s=03

 

"Blimey, this letter to the FT from a former Treasury Minister under John Major doesn't pull any punches on the Truss /Kwarteng economic strategy."