Propaganda alert: UK economic growth is nothing to crow about and here’s the reason
Back in business? But how far will the UK economy restore itself after Covid, with the shadow of Brexit hanging over it?
What a way to spin something we all knew would happen.
According to economic forecaster EY Item Club (who?), the economy is growing at its fastest rate in 80 years. Gosh!
But… isn’t that because it stalled altogether last year, due to the Covid-19 pandemic, and is just now bouncing back?
Is it not the truth that, rather than growing, we should say the economy is being restored to the level we might expect after the crisis?
I think it is.
As The Guardian‘s report puts it,
The EY Item Club said it now expected GDP to grow by 7.6% … The UK economy shrank by 9.8% in 2020.
So that’s 2.2 per cent of shrinkage that the economy won’t make up this year, meaning the nation as a whole will be worse-off than before the pandemic hit.
There are other elements likely to affect the UK’s economic performance, including inflation and unemployment.
The recovery is extremely fragile, and another Covid wave could bring it crashing to a halt or even into reverse.
And there’s also the elephant in the room. I notice that nobody involved in this article has mentioned Brexit.
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EY Item Club (who?)
It would appear they’re part of Ernst & Young Global Ltd., one of the Big 4 accounting firms.
Thanks for that!
Reality check UK economy is still in recession and will be even worse by end of the year due to Brexit and lack of sufficient HGV drivers!! Well done fascist tories for destroying little england’s economy! But keep on telling lies fascist tories!