UK Economy Grows Faster than Expected, Household Savings Drop

The UK economy grew at a faster rate than expected between October and December last year, at 1.3% compared to forecasts of 1% according to the Office for National Statistics. GDP is now just 0.1% below its pre-pandemic figure. All this despite the Omicron hysteria at the end of last year…

The rise is also a bounce back from the downwardly revised growth of 0.9% in Q3, with total yearly growth sitting at 7.4% in 2021. Household savings, meanwhile, are at their lowest point since the start of the pandemic, with the ratio at 6.8% by December. Just as inflation begins to bite…

ONS director of economic statistics Darren Morgan said:

“GDP grew a little stronger than we first thought in the fourth quarter, meaning it is now only 0.1 percent below its pre-pandemic level. Savings were at their lowest level since the start of the pandemic as household spending rose, mainly driven by rising prices.

House prices still continue to soar at their fastest rate since 2004, with the typical price now 21% higher than before the pandemic…

mdi-timer 31 March 2022 @ 09:00 31 Mar 2022 @ 09:00 mdi-twitter mdi-facebook mdi-whatsapp mdi-telegram mdi-linkedin mdi-email mdi-comment View Comments
GDP Up 2.1% in March

The first month of cautious unlocking saw GDP growth of 2.1%, the fastest monthly growth since August 2020 – merely from schools in parts of the UK beginning to re-open. Could April and May’s figures compete with last June’s 9.1% rise?

Once again, the construction industry is the main driver, up 5.8% on the previous month and the only measure to be higher than pre-pandemic levels, by 2.4%. All areas were up, however, including manufacturing (+2.1%) and services (+1.9%), albeit still both down on their pre-pandemic levels by 2.2% and 7.2% respectively. Unfortunately it wasn’t strong enough to reverse the fortunes of Quarter 1 as a whole, with GDP falling 1.5% overall in the first three months…

mdi-timer 12 May 2021 @ 07:36 12 May 2021 @ 07:36 mdi-twitter mdi-facebook mdi-whatsapp mdi-telegram mdi-linkedin mdi-email mdi-comment View Comments
EU Predicts UK Will Grow Faster Than Germany in 2019

Mark Carney’s latest gloomy predictions for the British economy have elicited all the usual told-you-so responses from Remainers with very short memories. The Bank of England has predicted 1.2% growth for 2019. Before the referendum Remainers said we would be deep in recession now…

There was in fact another set of 2019 forecasts also released this morning – by the European Commission. The EU actually upgraded Britain’s 2019 forecast to 1.3% – the same as France, Belgium, Sweden and the Eurozone as a whole. Struggling Germany is lagging behind on 1.1% while Italy is down on 0.2%. Despite… Brexit?

mdi-timer 7 February 2019 @ 14:56 7 Feb 2019 @ 14:56 mdi-twitter mdi-facebook mdi-whatsapp mdi-telegram mdi-linkedin mdi-email mdi-comment View Comments
UK Fastest Growing European Country in the G7

The new quarterly GDP figures this morning reveal that EU economies are experiencing a significant slowdown in growth. The UK on the other hand is one of the few EU countries where GDP growth is higher this year than last year’s admittedly anaemic performance. It is still a staggering outcome compared to previously gloomy official forecasts.

The Bank of England is warning that the UK economy is nearing full capacity and it may have to raise interest rates. So much for the post-referendum immediate economic aftershock we were warned about.

France’s growth rate has halved on last year’s Q3 numbers, and German growth is also expected to halve from 0.8% last year to just 0.4%. On average Eurozone growth was a dismal 0.2%, a new four year low. The rest of the world is experiencing much stronger growth.

Incidentally, these figures would put the UK above all other EU countries in the G7 in terms of GDP growth quarter-on-quarter. Remainers will have to get a new catchphrase …

mdi-timer 9 November 2018 @ 17:15 9 Nov 2018 @ 17:15 mdi-twitter mdi-facebook mdi-whatsapp mdi-telegram mdi-linkedin mdi-email mdi-comment View Comments
Britain Growing Three Times Faster Than Eurozone

The UK’s GDP growth figures for Q3 reveal that growth has shot up to a near two year high of 0.6%. Which means that Brexit Britain grew three times as fast as the stagnating Eurozone in Q3, which posted paltry growth of only 0.2% last quarter. The Remainer refrain that Britain has slumped to the bottom of the growth league is starting to look very silly…

mdi-timer 9 November 2018 @ 09:41 9 Nov 2018 @ 09:41 mdi-twitter mdi-facebook mdi-whatsapp mdi-telegram mdi-linkedin mdi-email mdi-comment View Comments
UK GDP Growth Best in 2 Years


UK third-quarter GDP was up 0.6%. Which is the fastest growth in nearly 2 years. The Bank of England says the economy is now operating at full capacity…

mdi-timer 9 November 2018 @ 09:39 9 Nov 2018 @ 09:39 mdi-twitter mdi-facebook mdi-whatsapp mdi-telegram mdi-linkedin mdi-email mdi-comment View Comments
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