There is a rare sliver of good economic news this morning, as the ONS confirmed we are not currently in recession. The body has announced that a previous estimate that economic growth fell by 0.1% in the three months to June has been revised up to a rise of 0.2%, narrowly avoiding a second month of negative growth which would have defined the UK as in a recession. Small mercies…

The UK’s current account deficit has also improved, according to the revised figures, from the £43.9 billion previously calculated to a mere £33.8 billion.

Liz and Kwasi shouldn’t be too pleased, however. The ONS now also calculates that the UK economy has recovered less from the pandemic than previously believed and is now the only G7 country still languishing below pre-pandemic levels by 0.2% compared to the final quarter of 2019. The Queen’s death and subsequent economic pandemonium are expected to quash any hope of further good GDP news in the final two quarters of 2022…