PM orders ministers to highlight UK's strong economic growth
Rishi Sunak, the Chancellor of the Exchequer, criticized forecasters for significantly underestimating Britain's recovery from the Covid-19 pandemic. During a Cabinet meeting, Prime Minister Boris Johnson instructed ministers to emphasize that the UK is now one of the top performers in the G7 for economic growth.
Revised figures show GDP higher than previously estimated
Experts recently revised their GDP estimates, revealing that Britain's economy actually grew by 0.6 per cent by the end of 2021, surpassing pre-pandemic levels. This starkly contrasts with their earlier prediction of a 1.2 per cent decline. The Office for National Statistics (ONS) published these revised figures last week, causing some embarrassment.
Chancellor Jeremy Hunt criticizes those who doubted British economy
Chancellor Jeremy Hunt reacted to the revised numbers, asserting that the UK's rapid recovery from the pandemic proves the naysayers wrong. He stated, "The fact that the UK recovered from the pandemic much faster than thought shows that once again those determined to talk down the British economy have been proved wrong."
UK's growth surpasses France, Germany, and Italy
Rishi Sunak informed his ministers that the revised figures mean that the UK experienced faster economic growth than France, Germany, and Italy, outperforming other European nations in terms of the speed of recovery.
ONS admits concerns but defends revised figures
When questioned by Members of Parliament, ONS boss Sir Ian Diamond attributed the revision to a "period of great turmoil." He acknowledged that other countries will also publish revised figures soon, but maintained that the ONS released their numbers earlier. Sir Ian emphasized that the revision is not a mistake but a valid update based on new data.
Did you miss our previous article…
https://hellofaread.com/politics/schools-urged-to-take-action-on-dodgy-concrete-issue/
