Official statistics on Friday added almost 2 per cent to the size of the UK economy, in a surprise move that showed the country recovered much faster from the pandemic than previously reported. The Office for National Statistics revisions, which also mean that Britain is no longer the worst performing economy in the G7, will come as a relief to the UK government as it struggles with inflation pressures and a cost of living crisis. The changes reveal that, by the end of 2021, the country’s economy was 0.6 per cent larger than pre-pandemic levels — instead of 1.2 per cent smaller, as previously estimated.
Doesn’t really matter if the economy got bigger if it just means more money to corporations. The average person has certainly not seen growth. A mortage increase of 5% coupled with low wage increases, high food and fuel inflation left most people much worse off.
Then again, this unit of measure has always been a very poor one in countries with huge wealth gaps.
I think the UK has one of the fastest wage growth rates, but also higher inflation.
In April to June 2023, annual growth in regular pay (excluding bonuses) was 7.8%; this is the highest regular annual growth rate since comparable records began in 2001.
Wealth gaps are an issues, but income inequality is worse
