> On the face of it, 2021 was an absolutely corking year for the economy. Britain has had some boom years in the postwar period – 1973 and 1988, for example – but the 7.5% growth last year was the fastest of the lot.
> Yet 2021 can’t be seen in isolation. Boris Johnson and Rishi Sunak are correct when they say the UK had the fastest growth in the G7 last year, yet what they normally omit to add is that **it came after the UK had the biggest contraction of any G7 nation a year earlier.**
> **The real story is that the economy collapsed by almost 10% in 2020 and then recovered most of the lost ground last year.** Activity in the final three months of 2021 was 0.4% lower than in the final three months of 2019 – the period immediately before the pandemic struck. **By way of comparison, the eurozone is back to where it was pre-Covid while the US is operating more than 3% above its level in late 2019.**
Elect Boris Johnson, economy grows quicker than after WW2. Love the economics of that.
As obvious as the “record growth” stories are omitting relevant information (I.e the massive fall from the year before) …. Even if it was genuine growth on a normal year, it means absolubtly nothing when most normal people are living in the worst financial squeeze in living history.
Every week I get an email about some sort of rise in one of my bills. I’ve luckily just started a new role that pays just over £150 more a month… But with all the added price increases, and upcoming ones, I’ve not actually had an extra £150 to myself…. Its all gone. For anyone that is staying in their role hasn’t had a pay increase…. They are losing about the same or more.
Boris delivers.
Yet arsehole Labour want to focus on bogus “partygate” when it is the PM on a Zoom call or standing in a garden.
The day Labour lose next election to Tories and Boris will be so divine. They really have it coming this time.
Only from a particularly low point in 2020. Statistic eh?
When they say growth, is that just inflation but they want it to sound good?
6 comments
Here’s the key bit though..
> On the face of it, 2021 was an absolutely corking year for the economy. Britain has had some boom years in the postwar period – 1973 and 1988, for example – but the 7.5% growth last year was the fastest of the lot.
> Yet 2021 can’t be seen in isolation. Boris Johnson and Rishi Sunak are correct when they say the UK had the fastest growth in the G7 last year, yet what they normally omit to add is that **it came after the UK had the biggest contraction of any G7 nation a year earlier.**
> **The real story is that the economy collapsed by almost 10% in 2020 and then recovered most of the lost ground last year.** Activity in the final three months of 2021 was 0.4% lower than in the final three months of 2019 – the period immediately before the pandemic struck. **By way of comparison, the eurozone is back to where it was pre-Covid while the US is operating more than 3% above its level in late 2019.**
Elect Boris Johnson, economy grows quicker than after WW2. Love the economics of that.
As obvious as the “record growth” stories are omitting relevant information (I.e the massive fall from the year before) …. Even if it was genuine growth on a normal year, it means absolubtly nothing when most normal people are living in the worst financial squeeze in living history.
Every week I get an email about some sort of rise in one of my bills. I’ve luckily just started a new role that pays just over £150 more a month… But with all the added price increases, and upcoming ones, I’ve not actually had an extra £150 to myself…. Its all gone. For anyone that is staying in their role hasn’t had a pay increase…. They are losing about the same or more.
Boris delivers.
Yet arsehole Labour want to focus on bogus “partygate” when it is the PM on a Zoom call or standing in a garden.
The day Labour lose next election to Tories and Boris will be so divine. They really have it coming this time.
Only from a particularly low point in 2020. Statistic eh?
When they say growth, is that just inflation but they want it to sound good?