UK Economic Rebound Triumph Amidst Years of Disappointment

[Social Media]

 

The latest economic data released by the Office for National Statistics has sent waves of optimism through the UK, signaling an end to the recession with remarkable vigor. While the prime minister and chancellor celebrate the unexpected surge in economic growth, the true verdict from voters on the government's handling of the economy remains uncertain.

 

The figures reveal a growth rate of 0.6%, surpassing the expectations of most economists and marking the fastest growth since the nation emerged from the depths of the pandemic-induced lockdown. This resurgence is not merely a return to growth after consecutive quarters of contraction; it signifies a return to near "normal" rates of economic expansion, a narrative eagerly embraced by the government.

 

Moreover, the UK stands shoulder to shoulder with Canada as the fastest-growing economy among G7 nations, a testament to the resilience and dynamism of its economic recovery. Equally significant is the uptick in gross domestic product per head, a key metric reflecting the tangible impact on individual prosperity. After years of stagnation, GDP per head rose by 0.4% in the first quarter, offering a glimmer of hope for improved living standards.

 

However, amidst the jubilation over the economic rebound, lingering concerns persist. While the latest GDP figures paint a rosy picture, they cannot erase the grim reality of preceding years marked by economic disappointment. In real terms, GDP per head remains below pre-pandemic levels, prompting reflection on the enduring impact of prolonged economic stagnation.

 

As the nation gears up for the impending election, the electorate faces a pivotal question: will the resurgence of economic growth overshadow years of underperformance, or will voters prioritize the enduring challenges of stagnant wages and diminished purchasing power? The answer to this question will shape the discourse in the lead-up to the election, fueling speculation about its timing and implications for governance.

 

Amidst the uncertainty, one thing is clear: the spotlight will remain firmly fixed on the GDP numbers, serving as a barometer of economic sentiment and a focal point for political debate.

 

Credit: Sky News 2024-05-13

 

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[JonnyF]

Many of us predicted this would happen once we freed ourselves from the shackles of the EU and all it's rules and regulations. 

 

Project Fear shown once again to be lying scare tactics. Fortunately enough people saw through it. 

 

Viva Brexit.

[soalbundy]

1 hour ago, JonnyF said:

Many of us predicted this would happen once we freed ourselves from the shackles of the EU and all it's rules and regulations. 

 

Project Fear shown once again to be lying scare tactics. Fortunately enough people saw through it. 

 

Viva Brexit.

It's still an awful place to live, give me the continent any day.

[Mike Teavee]

1 hour ago, JonnyF said:

Many of us predicted this would happen once we freed ourselves from the shackles of the EU and all it's rules and regulations. 

 

Project Fear shown once again to be lying scare tactics. Fortunately enough people saw through it. 

 

Viva Brexit.

Yes, but what would the GDP growth have been if it wasn't for Brexit?

 

I think most people agree that it would have been higher still 

 

These estimates suggest that Brexit had already reduced UK real GDP relative to the baseline by just under one per cent in 2020 as consumers and businesses adapted their expectations even before the TCA came into force. Our estimates further suggest that three years after the transition period, UK real GDP is some 2-3 per cent lower due to Brexit, compared to a scenario where the United Kingdom retained EU membership. This corresponds to a per capita income loss of approximately £850.

 

https://www.niesr.ac.uk/publications/revisiting-effect-brexit?type=global-economic-outlook-topical-feature

 

 

Edited May 12 by Mike Teavee

[mfd101]

In many countries (eg Oz) a growth rate of 0.6% would be ample ground for throwing the government out of power at the next election!

[hotchilli]

54 minutes ago, soalbundy said:

It's still an awful place to live, give me the continent any day.

0.6% growth, I'll keep the bubbly for better news.

[tubber]

1 hour ago, soalbundy said:

It's still an awful place to live, give me the continent any day.

I completely disagree with this. Where I came for, a Scottish Island, clean air, very low crime rate and good quality of life. I will eventually retire and die there. Please don't lump all the UK into the same group.

[newbee2022]

5 hours ago, Social Media said:

 

The latest economic data released by the Office for National Statistics has sent waves of optimism through the UK, signaling an end to the recession with remarkable vigor. While the prime minister and chancellor celebrate the unexpected surge in economic growth, the true verdict from voters on the government's handling of the economy remains uncertain.

 

The figures reveal a growth rate of 0.6%, surpassing the expectations of most economists and marking the fastest growth since the nation emerged from the depths of the pandemic-induced lockdown. This resurgence is not merely a return to growth after consecutive quarters of contraction; it signifies a return to near "normal" rates of economic expansion, a narrative eagerly embraced by the government.

 

Moreover, the UK stands shoulder to shoulder with Canada as the fastest-growing economy among G7 nations, a testament to the resilience and dynamism of its economic recovery. Equally significant is the uptick in gross domestic product per head, a key metric reflecting the tangible impact on individual prosperity. After years of stagnation, GDP per head rose by 0.4% in the first quarter, offering a glimmer of hope for improved living standards.

 

However, amidst the jubilation over the economic rebound, lingering concerns persist. While the latest GDP figures paint a rosy picture, they cannot erase the grim reality of preceding years marked by economic disappointment. In real terms, GDP per head remains below pre-pandemic levels, prompting reflection on the enduring impact of prolonged economic stagnation.

 

As the nation gears up for the impending election, the electorate faces a pivotal question: will the resurgence of economic growth overshadow years of underperformance, or will voters prioritize the enduring challenges of stagnant wages and diminished purchasing power? The answer to this question will shape the discourse in the lead-up to the election, fueling speculation about its timing and implications for governance.

 

Amidst the uncertainty, one thing is clear: the spotlight will remain firmly fixed on the GDP numbers, serving as a barometer of economic sentiment and a focal point for political debate.

 

Credit: Sky News 2024-05-13

 

Get our Daily Newsletter - Click HERE to subscribe

Well, after shrinking because of Brexit and after recession last year.

A meager "remarkable vigor"🙏

[transam]

2 hours ago, soalbundy said:

It's still an awful place to live, give me the continent any day.

Says a UK born deserter to Germany...........🤔

[soalbundy]

2 hours ago, transam said:

Says a UK born deserter to Germany...........🤔

55555, now you a playing that silly patriotic card. What did I desert from, let me see, poor opportunities, poor housing, low salaries and boredom. We are supposedly all masters of our own destinies, I chose mine without regret. where do you live these days, not queuing up at a food bank or at the A&E getting a knife wound treated I suppose, or are you in Thailand you traitor?

[candide]

8 hours ago, JonnyF said:

Many of us predicted this would happen once we freed ourselves from the shackles of the EU and all it's rules and regulations. 

 

Project Fear shown once again to be lying scare tactics. Fortunately enough people saw through it. 

 

Viva Brexit.

You predicted Q1 2014 would show positive growth? Wow!

 

https://commonslibrary.parliament.uk/research-briefings/sn02784/

[transam]

2 hours ago, soalbundy said:

55555, now you a playing that silly patriotic card. What did I desert from, let me see, poor opportunities, poor housing, low salaries and boredom. We are supposedly all masters of our own destinies, I chose mine without regret. where do you live these days, not queuing up at a food bank or at the A&E getting a knife wound treated I suppose, or are you in Thailand you traitor?

Weeeeeeell, I notice you are always running down your birthplace, left it many years back for Germany, now quoting stuff that most countries have/had..

You wanted to be a German, you did that, and lambast your birthplace at every opportunity.

Me, I retired in Thailand, as do many Germans, I have German friends, but not a wannabie German who slags off his own country, very strange that......🤔

[JonnyF]

7 minutes ago, candide said:

You predicted Q1 2014 would show positive growth? Wow!

 

https://commonslibrary.parliament.uk/research-briefings/sn02784/

 

Oh look, the UK having left the EU is doing better than Germany who remained.

 

Project Fear 😆.

[candide]

9 minutes ago, JonnyF said:

 

Oh look, the UK having left the EU is doing better than Germany who remained.

 

Project Fear 😆.

Well, It's not a proof of ambition to compare only with the currently worse performing large EU country. 😊

[JonnyF]

5 minutes ago, candide said:

Well, It's not a proof of ambition to compare only with the currently worse performing large EU country. 😊

 

It's hardly an endorsement of the EU that 3 years after leaving, the UK is out performing the EU's largest economy, a country that remained.

 

I thought Britain was supposed to go off the "cliff edge" and lose around 8% of GDP? Surely you're not saying that was all a pack of lies to scare people into voting Remain? 😄

[soalbundy]

1 hour ago, transam said:

Weeeeeeell, I notice you are always running down your birthplace, left it many years back for Germany, now quoting stuff that most countries have/had..

You wanted to be a German, you did that, and lambast your birthplace at every opportunity.

Me, I retired in Thailand, as do many Germans, I have German friends, but not a wannabie German who slags off his own country, very strange that......🤔

We all have our likes and dislikes, the UK may be a delightful place for some strange eccentric people just not for me.....or my large family who have all lived in Australia for the last 30 years while my cousins live in Spain. There are things I like about the UK, the sense of humour and the departure terminal at Heathrow for instance. My favourate place would be Dubrovnik but here I am in Thailand, the cosmos had a little giggle.

[candide]

1 hour ago, JonnyF said:

 

It's hardly an endorsement of the EU that 3 years after leaving, the UK is out performing the EU's largest economy, a country that remained.

 

I thought Britain was supposed to go off the "cliff edge" and lose around 8% of GDP? Surely you're not saying that was all a pack of lies to scare people into voting Remain? 😄

The causes of the current economic problems of Germany are well known and have nothing to do with being in the EU. It's mainly due to past national economic policy choices, in particular the reliance on gas as a source of energy, and the economic dependence on Russia and China.

But It's encouraging for UK, as It's only the second worst among G7 economies post-Covid.

 

I agree with you that UK has performed better (or less worse) than expected after Brexit. I personally admire the resilience of the British people despite enduring the effect of Brexit and incompetent governments!

[nauseus]

11 hours ago, Mike Teavee said:

Yes, but what would the GDP growth have been if it wasn't for Brexit?

 

I think most people agree that it would have been higher still 

 

These estimates suggest that Brexit had already reduced UK real GDP relative to the baseline by just under one per cent in 2020 as consumers and businesses adapted their expectations even before the TCA came into force. Our estimates further suggest that three years after the transition period, UK real GDP is some 2-3 per cent lower due to Brexit, compared to a scenario where the United Kingdom retained EU membership. This corresponds to a per capita income loss of approximately £850.

 

https://www.niesr.ac.uk/publications/revisiting-effect-brexit?type=global-economic-outlook-topical-feature

 

 

 

Party pooper....

[bradiston]

13 hours ago, JonnyF said:

 

Oh look, the UK having left the EU is doing better than Germany who remained.

 

Project Fear 😆.

8 years down the road. So what? 8 years lost.