Brexit victory for Britain: The UK economy grows back to almost the pre-Brexit level

Thursday, November 11, 2021

The better-than-expected growth in September, however, followed a slight contraction in July and more modest gains in August.

Paul Craig, Portfolio Manager at Quilter Investors said,"20 months on from the onset of the pandemic, the UK economy has very nearly made up all the lost ground, with GDP just 0.6% below February 2020 levels after a consensus beating 0.6% growth in September." Overall growth stuttered slightly, up from 5.5% in the last quarter, even though overall growth is closer to the pre-panel level.

On the quarterly trend, the ONS estimated GDP expanded by 1.3 per cent between July and September as the economy opened up and the government relaxed restrictions on coronavirus.

Suren Thiru, head of economics at the British Chambers of Commerce, agreed, warning the Bank that raising interest rates is necessary to prevent a destabilizing recovery.