UK’s 2024 half-year results put it at the top of the G7 economies for growth

Brexit Britain continues to beat EU’s top 3 economies

Montage © Facts4EU.Org 2024

In Q2 UK posts 2nd-highest economic growth in G7, just behind US

Facts4EU.Org delivers yet more good news for an independent Britain

Yesterday (15 Aug 2024) the Office for National Statistics delivered yet another blow for Remainer-Rejoiners, when it published a 0.6% real economic growth figure for the second quarter of the year. This comes on the heels of the growth in Q1, which was 0.7%. The results clearly show how the UK is outperforming the best the EU can offer.

In the last quarter the UK took second place for the growth in real GDP, only just behind the US. France and Italy trailed in on 0.3% and 0.2% respectively. Germany was last, showing a 0.1% fall in real GDP.

These results put together mean that in the first half of this year Brexit Britain’s economy was the fast-growing in the G7.

In Q2 this year the UK’s economic growth beat everyone bar the US

The latest economic figures are for Q2 (Apr-Jun 2024). The UK beat all the major players in the EU, as follows :-

Brexit Facts4EU.Org Summary

GDP growth, Q2 2024

United States : 0.7%
United Kingdom : 0.6%
Canada : 0.5%
France : 0.3%
Italy : 0.2%
Germany : -0.1%
Japan : Yet to report

[Sources : OECD | ONS | House of Commons Library.]

Note : Japan’s Q2 figures will not be published for some weeks, but its economy shrank by 0.5% in Q1 and it is expected to be bottom of the G7 growth table again this quarter.

Compared with the same quarter a year ago, real GDP (after inflation) is estimated to have increased by 0.9% in Q2 2024. In output terms, services grew by 0.8% on the quarter with widespread growth across the sector; this offset falls of 0.1% in both the production and construction sectors.

How has the UK economy grown since the EU Referendum?

This is an important question, given that the public was told that GDP would immediately "fall off a cliff" if they voted to leave the EU. Below is what has actually happened.

The good news above contrasts sharply with this….

We would ask readers if they remember the news from the BBC reports they watched or read prior to the EU Referendum in 2016? Back then, the BBC gave prominence to what amounted to guesswork from HM Treasury, promoted by ex-PM Lord Cameron and ex-Chancellor of the Exchequer George Osborne.

In purely monetary terms, the economy grew by 3.0% compared with the same quarter a year ago

Nominal GDP is estimated to have increased by 0.9% in Quarter 2 2024, mainly driven by increases in gross operating surplus of corporations, other income and compensation of employees. Compared with the same quarter a year ago, nominal GDP is estimated to have increased by 3.0%.

Observations

Once again, Rejoiners’ continuing claims of “a 4-6% drop in GDP due to Brexit” have been blown out of the water by the latest official figures from the Office for National Statistics.

This claim originated in a 15-year forecast by HM Treasury of the likely impact on economic growth if the public voted in 2016 to leave the EU. It was not a forecast of a drop. It was a forecast that the UK’s economy would grow less than if it remained a member. And this lower growth was expected over 15 years.

Furthermore, as we pointed out at the time and many times since, HM Treasury and the Office for Budget Responsibility do not even get their forecasts right for the next six months, let alone for 15 years’ time.

In any case we are now more than half-way (eight years) through the forecast period. The official data shows that the forecast was completely erroneous. The best way to look at this is by international comparisons. The UK is growing at a reasonable rate compared to other G7 countries. If the UK had remained in the EU, it might be fair to argue that its growth rate would be less – closer to those of Germany, France and Italy, the EU’s top three economies.

In fact Brexit Britain’s economy continues to grow, and is outshining the top EU economies, as well as the EU27 average.

It’s vital that we keep hammering home this message.

NOTICE : Facts4EU is now scaling back to publishing 5 days-a-week

For over eight years we have worked seven days-a-week. As far as we are aware we are the only organisation of our type to have done this. We are grateful to those of our readers who have made donations but sadly the level of our funding is now such that we must make it stretch for as long as we can. This means team members taking other paid work and reducing our output to five days-a-week.

Please, please help us to carry on our vital work in defence of independence, sovereignty, democracy and freedom by donating today. Thank you.

[ Sources: Office for National Statistics | OECD | House of Commons Library ] Politicians and journalists can contact us for details, as ever.

Brexit Facts4EU.Org, Fri 16 Aug 2024

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Reader Comments 12

1. Sparky , Friday, August 16, 2024, 07:14:

The chart above clearly shows upward trend of growth up to covid/leaving the EU. Since that point growth has been flat and only now started to lift. Growth in 2024 has been flat in April and June with 0.4% in May. Chief economist at KPMG UK, said that even though growth was expected to slow later this year, overall growth for 2024 could hit 1.1 per cent, which she noted was “well above expectations at the start of the year.
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This is great news for "rejoiners". In the first few years after leaving the EU we had high inflation, record levels of immigration, cost of living crisis and a Brexit Govt that was an absolute disgrace and embarrassment, (and I'm a traditional Cons Voter). Just as a new Govt is elected on the basis of closer ties with the EU the economy starts to turn around, inflation is back on track, there is a new optimism, the rioting and looting on the back of miss information has been quickly addressed and the Govt will be pushing through their "Product Safety and Metrology Bill" legislation that will tie the UK closer to EU standards. At the same time Farage has misjudged the mood regarding the rioting and will be MIA whilst he is supporting Trump. BRINO will be well and truly established and Brexit will be seen as a historic mistake.

2. Old Albion , Friday, August 16, 2024, 07:37:

You just can't help yourself 'Sparky' can you. Twist any and all news to 'it's all the fault of Brexit' And you're even praising the Labour government who so far have done nothing about immigration, but have alienated the English working class.
Writing off Farage as you so optimistically do, has been tried many times before. Don't build up your hopes, you'll be disappointed again.

3. Llwyd , Friday, August 16, 2024, 09:01:

Sparky 1. Sorry sparky but at this point you are simply delusional. Either that or a badly misinformed troll. I suspect the latter.

4. NH , Friday, August 16, 2024, 09:17:

1. Sparky, "Since that point growth has been flat and only now started to lift"
You seem to be determined to show your ignorance. Economic growth will always be dependant on world economic conditions which is why Facts4EU has clearly shown international comparisons for the same period.
.
The figures for Italy and France are actually much worse if you take away the artificial support from their debt fuelled "recovery plan". Last year this added approx. 2% to Italy's GDP and approx. 0.8% to France's GDP. Germany did not receive any significant support, they just get the bill, so their "economic growth" is much worse. For the UK our GDP figure is lower than it should be because we are still paying the EU's "divorce settlement". Fortunately this payment is substantial less than the amount we would be paying if we were still in the EU.
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1. Sparky, "Just as a new Govt"
You have recently stated you voted Labour. You now have riots on the streets, a divided nation, a two tier policing system, a two tier justice system, penalties on pensioners to pay for salary increase for high paid public sector employees and significant tax rises to look forward to. Is it surprising that their poll ratings have collapsed after only 6 weeks in charge ?
.
Luckily for Labour they have inherited a growing economy but I doubt it will take long before they will ruin it, which I am sure will please you !

5. LuxuryBalloon , Friday, August 16, 2024, 12:04:

Does this mean that the post-Brexit policy of successive UK governments to boost the economy through mass immigration appears to be working?
Is the alternative a stop on immigration and a drop in GDP?

6. NH , Friday, August 16, 2024, 13:56:

5. LB, "to boost the economy through mass immigration"
That's an interesting point of view but not very conventional. The conventional view is the economic growth comes first and a short term political fix is to use immigration instead of technology and automation to solve any problems. Unfortunately in the longer term this is only beneficial if the immigrants produce a significant nett benefit to the economy.
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If immigration created economic growth then the island of Lampedusa would be the richest island in the world by now and Jordan would not have needed a huge international bailout.

7. LuxuryBalloon , Friday, August 16, 2024, 16:25:

6 NH How do you explain that our GDP increases but our GDP/capita decreases? My explanation is that many of the 1.2 mln legal immigrants that arrived in the UK in 2023 have relative low-paid job. These 1.2 mln legal immigrants pay taxes and contribute towards the overall GDP … but ‘drag down’ our GDP/capita. You are confusing illegal immigrants in Lampedusa that are not allowed to work or refugees in Jordan that can’t find work in the social care system, work as uber drivers or work in car wash businesses and nail parlours … unlike the UK.

8. NH , Friday, August 16, 2024, 17:48:

7. LB, "How do you explain that our GDP increases but our GDP/capita decreases?"
Very easily ! If you import people that earn less than the average wage GDP/ Capita will go down. Fifty percent of the population do not pay income taxes and do not make a NETT Contribution to the economy. Many immigrants have brought their dependants with them and often these do not work. However they do qualify for education services, health services, policing and a huge range of welfare benefits. The government figures also show that a large number of non UK nationals do not continue to work when they have a right to stay.
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1% of the UK population pay 30% of all taxes and 10% of the UK population pay 60% of all taxes. We have a growing population that is becoming more and more dependant on a declining small section of the population. If you keep importing cheap labour you end up with a health service that can not cope, a police service that ignores shop lifting and house burglary and spends it's time controlling cultural disagreements, roads full of pot holes, decaying infrastructure, constantly increasing taxation, reduced pension payments and high levels of high value professional emigration.

9. NH , Friday, August 16, 2024, 18:01:

7. LB, "Is the alternative a stop on immigration and a drop in GDP?"
This is definitely not the alternative. The alternative is to replace labour with automation and technology. Many companies in the UK are already moving in this direction and the increase in the living wage will drive more to do so. Prior to "EU free movement" the UK had a sustained level of growth in productivity driven by investment in automation. Unfortunately "free movement" put a stop to that. The countries that have sustained rapid growth in the world are not achieving this by constant low value immigration they are achieving it by investment in technology.

10. John Jones , Friday, August 16, 2024, 19:05:

8. NH
Very hard to disagree with your analysis.
Those that do inc 1 in 5 who voted for the current government are clearly idealogogues were the facts don't matter.

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