UK’s growth rate will be 70% higher than Germany’s this year, says OECD
Latest OECD Economic Forecast shows UK will beat Eurozone as a whole by 30%
© Brexit Facts4EU.Org 2021
Facts4EU.Org recalls the Remain campaign OECD’s forecasts of Brexit catastrophe
The OECD (Organisation for Economic Co-operation and Development) has just released its latest Economic Outlook. It has revised its growth projections upwards for the United Kingdom, and Facts4EU.Org brings readers these key facts.
It is worth noting that the OECD was one of the many global organisations used by the Remain campaign in 2016 to threaten the British public with economic doom for the UK if they voted to leave the European Union.
Brexit Facts4EU.Org Summary
OECD growth forecasts for 2021
- United Kingdom: 5.1%
- Eurozone: 3.9%
- Germany: 3.0%
© Brexit Facts4EU.Org - click to enlarge
The OECD has had to increase its growth forecast for the UK
The OECD has revised the UK’s growth forecast upwards by almost 1% in just the last three months. It also increased Germany’s growth forecast, but by only 0.2%.
If the OECD is correct, the UK will grow this year at a rate that is over 30% greater than that for the Eurozone and 70% greater than Germany’s.
The OECD had some timely comments for the EU, praising the UK
“A more gradual upturn appears likely in the major European economies, reflecting continued containment measures in the early part of 2021 and more limited fiscal support, although the acceleration of vaccine deployment should help momentum to build, particularly in the United Kingdom.”
They went on to say:-
“Failure to ensure the global suppression of the virus raises the risk that new, more threatening mutations appear, with some restrictions on mobility having to remain in place. The announcement by some high-income countries, including Canada and the United Kingdom, that surplus vaccines will be distributed to lower-income economies is welcome, and provides an example for others.”
- OECD Economic Forecast, Mar 2021
Profoundly a political body, the OECD interfered in UK politics and campaigned actively to remain
The OECD’s latest report is in profound contrast to the propaganda for Remain that it was churning out before the EU Referendum.
In April of 2016 when the EU Referendum debate was in full swing, the OECD published a report entitled “The Economic Consequences of Brexit”. Its central forecast was a 5.1% drop in GDP in the first year. It predicted a drop in GDP of £3,200 per household. The OECD went on to say that:-
“A UK exit (Brexit) would be a major negative shock to the UK economy, with economic fallout in the rest of the OECD, particularly other European countries. In some respects, Brexit would be akin to a tax on GDP, imposing a persistent and rising cost on the economy that would not be incurred if the UK remained in the EU.”- OECD report, April 2016
The OECD’s Secretary-General even came to London to campaign for Remain
On 27 April 2016 Angel Gurría, OECD Secretary-General, came to London and gave a speech at the LSE (London School of Economics). His highly-politicised remarks went far beyond economics, as the following extracts demonstrate.
“I will focus today on the economic aspects of Britain’s membership of the European Union. No time to dwell on the EU’s role in preserving peace in Europe and spreading it around the world, as was recognised when the European Union was awarded the Nobel Peace Prize in 2012. It is not the occasion either to elaborate on the EU’s leadership role in environmental issues and their crucial contribution to the success of COP21.... Nor do I need to belabour the EU’s virtue as perhaps the greatest exponent of soft power in the world. Neighbouring countries queue up to join the European Union, drawn by the example of its stable, peaceful, prosperous and democratic societies.”
Angel Gurría
OECD Secretary-General - Credit: OECD
“Being part of this constant work in progress, of this worthy and visionary project, with its vocation for permanent change, reinvention and institutional innovation, makes the UK stronger. Why would anyone want to give up this truly win-win proposition?”
- Angel Gurría, OECD Secretary-General, London, 27 April 2016, speech to the LSE
About the OECD
The OECD (Organisation for Economic Co-operation and Development) was founded in 1961. It has 37 Member countries and five key partners spanning the globe. Together these countries represent approximately 80% of world trade and investment.
The OECD’s headquarters are located in Paris and it has always had a pro-EU flavour.
Observations
Over the years of the Brexit debate we – like many readers – have become somewhat jaded by the anti-UK and anti-Brexit forecasts of certain international institutions. It certainly felt to us that the OECD was emphatically in this category.
Facts4EU.Org argued at the time that organisations such as the OECD should have stayed out of British politics. Instead, as can be seen above, they waded in with their size 10 boots, and in so doing lost all legitimacy for their claim to be an independent international body.
Forecasts, crystal balls, and fantasies
As with so many forecasts from other international bodies, as well as those from the UK’s own Treasury Department (remember the 520,000 job losses threat?), all the dire predictions from the OECD turned out to be absolute bunkum. Not even remotely close to reality.
Have any of the people responsible for these forecasts been held to account? Has anyone apologised for the grotesque attempts to mislead the British public? Well, we all know the answers to that.
So we have little faith in any forecasts but nevertheless we hope that the OECD’s forecasts for the current year, published three months into the year in question, might bear some semblance to the eventual outcome by the end of the year.
The UK is set to grow faster
The most important factor in the UK’s future prosperity now is for lockdown to end as fast as possible. The UK’s dominance in the vaccination programme against Covid is a big feather in its cap, making the EU look like a sickly relation.
Nevertheless, this is worth nothing in economic terms unless the UK comes out of lockdown commensurately faster than its competitors in the EU. With the Covid numbers plummeting, we urge the Government to follow the data and not stick to dates which are becoming as irrelevant as the OECD’s forecasts before the Referendum.
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[ Sources: OECD ] Politicians and journalists can contact us for details, as ever.
Brexit Facts4EU.Org, Sat 13 Mar 2021
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