Brexit Britain's economy grows by 0.5% in June, while EU’s No.1 (Germany) is in recession

Whatever happened to the UK economy “falling off a cliff” if we voted to Leave the EU?

Montage © Facts4EU.Org 2023

Latest official ONS data shows very positive results which beat expectations – again

Once again Facts4EU.Org can summarise the good news for readers. Yesterday the Office for National Statistics released its estimates for GDP growth for the month of June. Surprising most analysts and commentators, these once again came in much better than expected.

With ‘the Blob’ continually talking down the prospects for Brexit Britain, the facts published yesterday tell a different story. We summarise them below.

Brexit Facts4EU.Org Summary

Latest figures on the economy from the Office for National Statistics

1. Data for June 2023 after stripping out inflation (CVM)

GDP : +0.5%
Production : +0.7%
Manufacturing : +1.6%
Services : +0.1%
Strong growth in household consumption

[Source: Latest ONS official data, released Fri 11 Aug 2023.]

2. Data for Q2 2023 after stripping out inflation (CVM)

Overall growth in Q2 GDP (after stripping our inflation) : +0.2%
This would have been higher but for the King’s Coronation in May
Services : +0.1%
Production : +0.7%
Manufacturing : +1.7%
Construction +0.3%
Car manufacturing : +16.2%

[Source: Latest ONS official data, released Fri 11 Aug 2023.]

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Whatever happened to the UK economy “falling off a cliff”?

In the run-up to the EU Referendum voters were threatened by the Government, the Treasury, the Remain campaigns, and backed up by all major international institutions, that “the UK economy will fall off a cliff” if they voted to leave the European Union.

Not only has this not happened more than two-and-a-half years after the UK actually left, but Brexit Britain’s economy has outperformed the rest of the G7 countries in the last two years, and has outperformed the EU’s largest economy (Germany) for the last three quarters.

Brexit Facts4EU.Org Summary

International perspective over the past two years - ONS using OECD figures

The UK was the top-performing economy in the G7 in 2021
The UK was the top-performing economy in the G7 in 2022
And the UK has outperformed the EU’s top economy in the first half of this year

[Source: Latest OECD official data.]

The Group of Seven (G7) is an intergovernmental organisation which consists of the US, UK, France, Germany, Italy, Canada and Japan.

Observations

We genuinely don’t know where Rejoiners can go after reading our report above (assuming they do). Doubtless they will employ their usual tactics and deflect onto completely different subjects. That really is not good enough.

The simple facts are that the economy of the United Kingdom never “fell off a cliff” following the vote to leave the EU, as predicted by the then Chancellor, the then PM, and the Treasury.

Indeed the opposite has happened. Brexit Britain has outperformed all the other G7 countries in the last two years and the latest figures show the UK has been outperforming the EU’s top economy Germany again this year.

Once again we invite readers to imagine what we would have heard on the BBC on a regular basis, if the Remainers’ Project Fear forecasts had been remotely accurate. Instead there has been good economic news, which includes yesterday’s GDP growth figures.

We continue to await apologies from David Cameron, George Osborne, the Treasury, and all the international organisations that backed them. We will not hold our breath.

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[ Sources: Office for National Statistics | HM Treasury | David Cameron | George Osborne ] Politicians and journalists can contact us for details, as ever.

Brexit Facts4EU.Org, Sat 12 Aug 2023

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Reader Comments 12

11. Sparky , Saturday, August 12, 2023, 13:44:

10 NH. And his summaries including analysis over a year ago by Adam Posen on The Economics of Brexit have been pretty accurate.
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Yes he is a supporter of Monterey expansion but also understand and warns against the risks.
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It is quite comical watching Brexitears blaming everyone else for the folly of Brexit and labelling them as remoaners, establishment etc. Or at least it would be if it wasn’t reality.

12. NH , Saturday, August 12, 2023, 14:25:

11. Sparky , "folly of Brexit"
You keep saying "Brexit is a disaster" but you never seems to give any sensible reasons. Are you talking about the governments handling of Brexit or the economics of Brexit ?
.
Previously you have mentioned:
1) A small shop in York
2) A unnamed bicycle shop.
3) An unnamed cheese maker.
4) A unnamed novelty playing card company.
.
Why don't you give some specific economic information and how you judge the cost / trade benefit to be worth it. None of the souces you mention ever seem to state these factors. They mostly rely on their own forecasts based on unproven economic models and old data. Has Adam Posen ever mentioned the cost of the UK being in the EU and how he calculates that the level of trade, value of trade and huge deficit in trade is justified ?

12 comments, page 2 of 2

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