Boris Johnson says UK economy is ‘bouncing back’
Sign up to receive our rundown of the day’s top stories direct to your inbox
According to the figures released today, UK GDP rose by 5.5 percent in the second quarter of the year.Initially, the ONS had predicted growth would rise by 4.8 percent.Real GDP in quarter two is now just 3.3 percent below its pre-pandemic level.
Related articles
Fury at driver who admits to filling up despite having 3/4 full tank
Sarah Everard’s father demands murderer looks at him The ONS also revealed there were increases in all main outputs of expenditure.
This contributed four percent to the overall 5.5 increase following the easing of Covid restrictions.
Deputy national statistician, Jonathan Athow said: “The economy grew more in the second quarter than previously estimated, with the latest data showing health services and the arts performing better than initially thought.
“The revised figures also show households have been saving less in recent years than previously thought.
The UK economy grew quicker than expected the ONS has reported (Image: Getty)
UK economy: UK GDP is now 3.3 below pre-pandemic levels (Image: GETTY) “Household saving fell particularly strongly in the latest quarter from the record high seen during the pandemic, as many people were again able to spend on shopping, eating out and driving their cars.”
The UK’s net borrowing position with the rest of the world reduced to 1.5 percent of GDP in quarter two.
This compared with 1.7 percent of GDP in quarter one.
The Government’s net borrowing position in its non-financial accounts dropped to £51.3billion in quarter two.
JUST IN: Fishing row LIVE: France demands revenge on UK after Jersey snub
The UK economy has been aided by a surge in the hospitality sector (Image: GETTY) Trending In quarter one, it was £73.2billion and was aided by a rise in income taxes on products and production.
These improved figures come as the furlough scheme ends today.
The scheme was introduced in March 2020 and had helped pay the wages of 11.6 million workers.
The Coronavirus Job Retention Scheme was supporting 1.6 million as of July 31, provisional figures have stated.
DON’T MISS
‘Terrifying!’ Brits lose £2,000 in cost of living crisis [Latest]
Furlough end! Four key changes that could happen after the deadline [Insight]
VAT change coming into force this week – will you need to pay more? [Report]
UK economy: The furlough scheme ends today (Image: GETTY)
UK eocnomy: GDP was revised up fro mthe ONS’ previous prediction (Image: GETTY) On June 30, 1.9 million workers were on the furlough scheme.
In January, numbers peaked at 5.1 million but have steadily decreased since then.
Rishi Sunak has previously rejected extending the scheme due to the large cost.
Despite the end of the furlough scheme and fuel crisis, the Government has remained confident the UK economy will bounce back.
See the latest Covid vaccine stats below and visit InYourArea for all the Covid vaccine latest
The Prime Minister did advise the public not to panic-buy after reports of clashes at petrol stations.
Mr Johnson said: “What we’re hearing from the industry is the situation at forecourts is stabilising.
UK eocnomy: Boris Johnson said the UK economy is bouncing back (Image: GETTY) Related articles
Meghan Markle earns adoring new nickname
David Lammy labelled a ‘simpleton’ for outrageous fuel shortage claim “I would just urge everyone to go about their business in the normal way and fill up when you need it.”
Related articles Dog’s ghost appears in incredible photo after loyal pet died UK energy crisis erupts as THREE more suppliers go bust Dog can’t go half an hour without checking on baby chicks.
