Staggering revision to UK GDP

[alvez_49]

GDP revisions show UK economy almost 2% larger than thought

By the time the Omicron variant hit, the UK economy was actually 0.6 per cent above its pre-Covid level, not below it.

www.spectator.co.uk

Well I've never been a fan of brexit but the ONS say it turns out our economy had been over performing to a staggering number at the back end of 2021.

I remember the SmallTowns of the fmttm community going wild about how this was all brexits fault, that we were lagging behind the EU in a big way.

Well turns out we actually according to the ONS outperformed Germany, France and the whole Eurozone.

As someone who wanted to remain in the EU I will hold my hat up and say 'Seems like brexit didn't throw us off an economic cliff'.

Now not to say I believe the ONS figures one bit.

Unsurprisingly the guardian hasn't covered this story, what a terrible rag it is.

 

[ForssAwakens]

One thing the article doesn’t confirm is whether the recalculated method was used on other countries or whether it is just the U.K. being recalculated against the original gdp estimates of other countries

So forgive my scepticism from a pro brexit paper presenting this information

 

[ThePrisoner]

The Spectator cannot be trusted. It is just another right wing comic staffed by crooks, liars and psychopaths. FFS Johnson.

 

[alvez_49]

It's the ONS making the revisions not the spectator but there you go again, if it's not from an 'approved' source you immediately dismiss it.

Now don't get me wrong when you learn imputed rent, drug sales and prostitution are all included in GDP you'd be right to be skeptical.

 

[alvez_49]

The Spectator cannot be trusted. It is just another right wing comic staffed by crooks, liars and psychopaths. FFS Johnson.

It's the ONS.

 

[indeedido]

One thing the article doesn’t confirm is whether the recalculated method was used on other countries or whether it is just the U.K. being recalculated against the original gdp estimates of other countries

So forgive my scepticism from a pro brexit paper presenting this information

This is spot on.

As a person who voted for Brexit, I expected short term economic difficulties. To claim that since Brexit we have out-performed, appears deceitful.

I think the term "comparing apples with apples" should be applied here.
Who would have thought The Spectator might spin rubbish like this?

 

[ThePrisoner]

It's the ONS.

It's interpreted by The Spectator who will tell you black is white.

 

[ForssAwakens]

It's the ONS making the revisions not the spectator but there you go again, if it's not from an 'approved' source you immediately dismiss it.

Now don't get me wrong when you learn imputed rent, drug sales and prostitution are all included in GDP you'd be right to be skeptical.

I believe I gave my reasons as to why I was skeptic to the spectators article that ‘we outperformed’ Germany.

I’m not disputing that out gdp was better. I’m just intrigued how other gdp changed on the recalculation method for other countries, which the article doesn’t mention

I actually read the article before commenting. I’m not being into disrepute the ons recalculation for the U.K.

 

[alvez_49]

This is spot on.

As a person who voted for Brexit, I expected short term economic difficulties. To claim that since Brexit we have out-performed, appears deceitful.

I think the term "comparing apples with apples" should be applied here.
Who would have thought The Spectator might spin rubbish like this?

There's no spin in the article, either the ONS is lying or it is what happened.

How does this cognitive dissonance hit you guys so hard.

I have absolutely no issue debating the way the figures are calculated because they are ridiculous but go for the ball not the man.

 

[alvez_49]

I believe I gave my reasons as to why I was skeptic to the spectators article that ‘we outperformed’ Germany.

I’m not disputing that out gdp was better. I’m just intrigued how other gdp changed on the recalculation method for other countries, which the article doesn’t mention

I actually read the article before commenting. I’m not being into disrepute the ons recalculation for the U.K.

So can you confirm for the others that it's not the spectator spinning anything in this instance and that the revision is absolutely staggering?

 

[Colin Warnek]

Ton thread.

 

[ForssAwakens]

So can you confirm for the others that it's not the spectator spinning anything in this instance and that the revision is absolutely staggering?

They are spinning it, they haven’t given context. Without knowing revisions of other countries how can we say it’s staggering?

 

[Zoophonic]

You can spin statistics and make them look official very easily. The recalibrated gdp figures look exactly that. It’s been a disaster has Brexit. Don’t take the ONS word for it just ask the business community.


Just one of many

We’re starting to see why Brexit was a disaster for Big Tech

Tech companies must now deal with two powerful regulatory cops in Europe—the EU and the U.K.

finance.yahoo.com

 

[alvez_49]

I believe I gave my reasons as to why I was skeptic to the spectators article that ‘we outperformed’ Germany.

I’m not disputing that out gdp was better. I’m just intrigued how other gdp changed on the recalculation method for other countries, which the article doesn’t mention

I actually read the article before commenting. I’m not being into disrepute the ons recalculation for the U.K.

The ONS doesn't calculate GDP for other countries.. Every country makes up their own version of money in and money out.

 

[Corcaigh_the_Cat]

You can spin statistics and make them look official very easily. The recalibrated gdp figures look exactly that. It’s been a disaster has Brexit. Don’t take the ONS word for it just ask the business community.

Or pop into your town or city centre.

 

[alvez_49]

They are spinning it, they haven’t given context. Without knowing revisions of other countries how can we say it’s staggering?

The ONS won't be revising other countries ffs

 

[Way_Out_West]

Unsurprisingly the guardian hasn't covered this story, what a terrible rag it is.

So the Spectator (pro Brexit) has a spin on it. Any others covered or not covered it?

 

[ForssAwakens]

The ONS doesn't calculate GDP for other countries.. Every country makes up their own version of money in and money out.

So gdp between countries isn’t comparable then?

 

[ForssAwakens]

So the Spectator (pro Brexit) has a spin on it. Any others covered or not covered it?

The Financial Times wrote an article but it behind a paywall

 

[chickenrunner]

I think the real message here has nowt to do with Brexit. It is that our economy has bounced back successfully and quickly from the pandemic with no real harm done contrary to the eternal wailings of the naysayers. Thanks for bringing this to our attention Alvez_48........sorry the ONS has upgraded you to _49.