Chancellor response to the ONS Quarterly National Accounts

The ONS published its Quarterly National Accounts publication, containing revisions to GDP.

These stats show GDP is 1.8% higher than before the pandemic (up to Q2 2023), compared to -0.2% previously. 

In response Chancellor of the Exchequer Jeremy Hunt said: “We know that the British economy recovered faster from the pandemic than anyone previously thought and data out today once again proves the doubters wrong.

“We were among the fastest countries in the G7 to recover from the pandemic and since 2020 we have grown faster than France and Germany. The best way to continue this growth is to stick to our plan to halve inflation this year, with the IMF forecasting that we will grow more than Germany, France, and Italy in the longer term.”