Rishi Sunak, the UK Chancellor of the Exchequer, has criticized the BBC for allegedly suppressing positive news about the economy and echoing the perspectives of the Labour Party.
UK economy grows faster than expected
Contrary to initial predictions, the UK economy has experienced a growth rate of 1.8% since the beginning of the COVID-19 pandemic. This surpassed the growth rates of France and Germany.
Mr. Sunak expressed his surprise at the lack of prominence given to this story on the BBC's homepage, stating, "Surprisingly, that story has not found its way to the top of the BBC homepage."
Furthermore, Prime Minister Boris Johnson accused the BBC of disseminating "completely inaccurate commentary" on the British economy over the past two years. He praised the latest GDP figures for debunking the negative narrative propagated by Labour leader Keir Starmer and his party.
Mr. Sunak said, "Keir Starmer and Labour have tried time and time again to talk down our country, to talk down our economy. And I’m delighted that the numbers will show they’re completely and utterly wrong."
UK outperforms France and Germany
The robust growth of the UK's GDP outpaced both France, which achieved a growth rate of 1.7%, and Germany, which only achieved a growth rate of 0.2%, between the end of 2019 and June 2021.
This positive development indicates that the UK would have potentially reached its pre-COVID size in the last few months of 2021.
However, despite this commendable growth, the UK economy still lags behind countries such as Italy, Canada, Japan, and the United States.
GDP figures revised upward for Q1 2021
The Office for National Statistics has also revised the GDP growth rate for the first quarter of 2021 from an initial estimate of 0.1% to 0.3%. This upward revision further substantiates the faster-than-expected recovery of the UK economy.
The most recent GDP figures, however, indicate a contraction of 0.5% in July due to strike action and adverse weather conditions.
Chancellor Jeremy Hunt commented on the strong economic rebound, stating, "We know that the economy recovered faster from the pandemic than anyone previously thought — and data out today once again proves the doubters wrong."
