So much for Project Fear! The UK economy GREW by 0.5% in the three months after historic Brexit vote despite Osborne’s dire warnings
GDP growth of 0.5% above expectations between July and September
Treasury forecast before the vote there would be 0.1%-1% contraction
Chancellor Philip Hammond says the economy is ‘doing very well’
By JAMES TAPSFIELD, POLITICAL EDITOR FOR MAILONLINE
27 October 2016
The economy has defied dire Project Fear warnings about the impact of Brexit to record strong growth in the wake of the historic vote.
GDP rose by 0.5 per cent in the three months after the nation voted to cut ties with Brussels, according to the Office for National Statistics (ONS).
The preliminary numbers exceeded the expectations of many economists, and are in stark contrast to the doom-laden predictions of George Osborne.
The Treasury is now facing demands to disown its forecast produced during the referendum campaign suggesting that UK plc would shrink by up to 1 per cent.
Read more: http://www.dailymail.co.uk/news/article-3877702/The-UK-economy-GREW-0-5-three-months-historic-Brexit-vote-despite-dire-Project-Fear-warnings.html#ixzz4OHnpSde0
Third quarter growth for 2015 was 0.3% and this has been exceeded by growth of 0.5% in the third quarter of 2016. Last year saw a decline in growth of 0.2% from Q2 to Q3, so this year’s decline of 0.2% in the rate of growth from Q2 to Q3 is nothing unusual. All figures from the Office of National Statistics (ONS).