By Leigh Evans and Ben Philips at Facts4EU.
Latest official data from the Office for National Statistics show GDP up, real income up, production up and UK is still doing better than EU’s top economy.
In what must be yet another devastating blow for Remainers, it’s been revealed by the Office for National Statistics (ONS) that not only did the UK’s economy grow again in the second quarter of this year, it also grew by more than originally estimated in the first quarter too.
In 2021 and 2022 Brexit Britain was the fastest-growing economy in the G7, outperforming the world’s biggest, including the EU’s Germany, France and Italy.
Recent figures from the ONS show the UK’s economy continues to grow and that this year it has done so at a faster rate than first thought.
Below we show the UK’s performance last year, compared to the other G7 economies
In output terms, growth in the latest quarter was driven by a 1.2% increase in the production sector, where there were increases in nine out of the 13 sub-sectors. This reflects falling input prices for manufacturers across the quarter.
The household saving ratio grew by 9.1% in the latest quarter, up from 7.9% in Quarter 1 2023, with income growing more than expenditure. Furthermore, real households’ disposable income (RHDI) grew by 1.2% in Quarter 2 (Apr to June) 2023.
As always, we must remind readers of the apocalyptic threats from the Government and the entire national and international Establishments, prior to the EU Referendum.
Ann Widdecombe, who took part in the Facts4EU ‘Independence Documentary‘ said:
“Osborne and and Cameron – now this is the Prime Minister and the Chancellor of the Exchequer, it’s not Joe Blogs – actually told the country that if they voted Brexit, not if they had Brexit, they just voted Brexit, we were going to have an emergency budget, unemployment was going to go through the roof, the economy was going to crash. If they dared to vote for Brexit.
“Well, none of these things actually happened.”
UK GDP is now estimated to have increased by 4.3% in 2022, revised upwards from a first estimate of 4.1%. Annual GDP growth in 2021 is revised up 1.1% to an 8.7% increase.
This means that GDP is now estimated to be 1.8% above pre-COVID pandemic levels in real terms in Quarter 2 (Apr to June) 2023. Nominal GDP (at current prices) is estimated to have increased by 2.5% in Q2 2023, revised up from a previous estimate of 2.3%.
Real GDP (after accounting for inflation) has also risen – by 0.3% in Q1 and by 0.2% in Q2. Real GDP has increased by a revised 7.9% in Quarter 2 (Apr to June) 2023 compared with the same quarter a year ago.
After more than seven years it starts to get a little wearying to ask when David Cameron, George Osborne, the Treasury, the Bank of England, the BBC, The FT, The Guardian, and almost every international financial institution will apologise for forecasting an apocalypse for the UK if the British public voted to leave the European Union.
Not only was there no “cliff edge”, but Brexit Britain has done rather well by international comparisons. Certainly it is doing better than the EU’s No.1 economy, Germany, and for the last two years running the UK has beaten all other G7 countries.
For more Brexit facts go to Facts4EU.
