Observations

To err is human and all of us make mistakes at some point in our lives. Here is what the ONS has to say :-

“These revisions are mainly because we have richer data from our annual surveys and administrative data, we are now able to measure costs incurred by businesses (intermediate consumption) directly and we can adjust for prices (deflation) at a far more detailed level.”

That said, it is interesting that by its own admission the ONS says the ‘revisions’ it has made to its figures from 1997-2019 (pre-Brexit) are very small – around one thousandth of a percent.

It is only starting from the year when the UK officially left the EU (01 Feb 2020) that the ‘revisions’ just published are extreme. Naturally we understand that data collection during the pandemic may have been compromised, but the Government relies on these figures for its decision-making, as does the Bank of England.

The good news

In all of the above, the key messages are :- Brexit Britain is NOT the only major economy which failed to recover its economy to pre-pandemic levels The UK’s economy is now well above the levels in 2019 The economy looks well-paced to beat more than just Germany in the G7 by year end

We must get reports like this out there

Reports like the one above take far longer to research, write and produce than many people realise. If they were easy, readers would see other organisations also producing these daily. However, there’s little point in the Facts4EU.Org team working long hours, seven days-a-week, if we lack the resources to promote them effectively – to the public, to MPs, and to the media. This is where you come in, dear reader.

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