GB News Economics and Business Editor, Liam Halligan, explains the latest GDP figures revealing that, despite expectations, the economy has not contracted.
#economy #GDP #recession #economicgrowth
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The British economy has been facing significant challenges in recent years, with Brexit uncertainty, global trade tensions, and the COVID-19 pandemic all taking their toll. The latest figures from the Office for National Statistics (ONS) show that the UK economy grew by just 0.2% in September, leading some economists to declare that it has ‘flatlined’.
The 0.2% growth in September was a slight improvement from the 0% growth recorded in August, but it still falls well short of the levels needed to drive a healthy, sustainable recovery. The economy has been struggling to gain momentum, with many businesses still facing a challenging operating environment and consumers feeling the pinch from rising inflation and stagnant wage growth.
The lackluster performance of the UK economy has led some analysts to warn that the country is at risk of slipping into a recession. A recession is typically defined as two consecutive quarters of negative GDP growth, and while the UK has narrowly avoided this fate so far, the current trends are a cause for concern.
The sluggish growth in September was driven by a recovery in the services sector, which saw a 0.8% increase in output. However, this was offset by a 1.4% decline in the production sector, including manufacturing, mining, and utilities. The construction sector also contracted by 0.3%, indicating that the broader economy is still facing headwinds.
The data also revealed that the UK economy still remains well below its pre-pandemic levels, with output in September 2021 around 2.1% below its February 2020 peak. This suggests that the recovery from the pandemic-induced slump has been slow and uneven, with sectors such as hospitality, travel, and leisure continuing to struggle.
There are also concerns about the impact of rising energy prices and supply chain disruptions on the UK economy, which could further dampen growth and push up inflation. The Bank of England has warned that inflation could rise to as high as 5% in the coming months, putting further pressure on household budgets and potentially dampening consumer spending.
As the government and policymakers grapple with the economic challenges, there is a growing consensus that bold action is needed to kickstart growth and lift the UK economy out of its doldrums. This could include additional fiscal and monetary stimulus measures, targeted support for struggling industries, and efforts to address the structural weaknesses in the economy.
Ultimately, the latest growth figures for the UK economy paint a worrying picture of stagnation and fragility. While a recession has been narrowly avoided so far, the underlying weaknesses in the economy need to be addressed in order to ensure a sustainable and robust recovery. It will be crucial for policymakers, businesses, and consumers to work together to navigate these challenging times and lay the foundations for long-term growth and prosperity.
The problem with recycled steel is the more times you recycle it the less strength it has due to the accumulation of impurities it picks up. So at some point we won't even be able to make a steel door lintel because it won't be strong enough to hold up the bricks of a house. Utter madness !
I find it daft that due to having some of the most expensive energy prices in the world, so our politicians can say they are 'leading the world in cutting CO2 emissions ', we are allowing strategic industries to be shutdown so we can import it from places where other politicians have chosen 'not to lead the world in reducing CO2 emissions'.
We haven't produced enough steel for our own economy's needs for years. We import much of it. Yet our own politicians vanity project to 'lead the world' in CO2 reductions continues apace.
Once every 5 years, when asked whom you would like to be in charge of government policies, be very careful for who and what you are voting for !
True, the US-Stock Market had been on it's longest bull-run in history, so the mass hysteria and panic is relatable, considering were not accustomed to such troubled markets, but as you mentioned there are avenues lurking around if you know where to look, l've netted over $800k in the past 6 months and it wasn't some rocket-science strat. I applied , I just knew I needed a firm and reliable technique to navigate better in these times, so I hired a portfoilo advisor.
anne diamond is still kinda cute
GDP per capita?
Anyone who believes the uk economy is growing, is barmy! The stats are fudged.
British economy has flatlined. That sounds positive.
Hurray! Brexit makes Britain poor great news.Being poor is good.
Larry fink was heard laughing very loudly as he was given his daily updates of western economies …. The UK comes in for some special treatment from the vultures waiting in the trees .
Freezing tax threshold don’t help it’s a tax on the poor ,
It’s criminal that the Chinese where allowed to buy British steel . No other county in the western world would allow it
Glad u think 2 negative quarters is a recession as Biden doesn’t think it is
Another example of the UK selling off to the highest bidder rather than our long term growth and stability. Now the Chinese sell it and close it down turning the screw on UK from within
The Great British people have to pout,
Although they're known for being stout,
As the economy to new lows delves,
They have to ask themselves,
What'll happen when the immigrant's welfare runs out?
Liam is totally useless
He gets it all wrong about
Bank Rates
Inflation
The statr of the high st shops
Problem with these assessments is they are only looking inwards, in fact the UK economy is doing better than the majority of the EU, this is not a local issue, it is a global one and when we put the UK into the bigger picture you cannot present it as though our economy is faltering, on the contrary it is holding up well against all the odds.
Hopefully economy shrinks it will hopefully push all these foreigners out. We can pray one day we well be able to reverse the trashy governance process.
To get to net zero we need to import all our products from China. That way they can use coal fired power stations to generate their electricity. That will be great – we will be then be headed towards net zero. We can then all virtue signal whilst starving to death in abject poverty. Just what the eco lunatics want.
The British economy is never going to grow again. It will just plod along like it has for the past decade. Strikes, work shy Gen Z, freeloading immigrants, society going to s**t and a corrupt political system. UK is done.