Brexit Britain soars ahead after economy ‘fastest-growing’ among G7 members

UK economy delivers record growth in 2021 amid Covid rebound

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The US economy suffered a major setback in the first quarter of 2022, new figures showed on Thursday. America’s gross domestic product (GDP) declined at an annualised rate of 1.4 percent between January and March, in a shock from last year’s strong growth. The data for GDP – the most comprehensive measure of a nation’s economy – was published by the Bureau of Economic Analysis.

The disappointing growth is down from the same period last year when GDP grew at an annualised pace of 6.9 percent growth.

For 2021 as a whole, the US economy posted its best performance since 1984 after a decline in 2020, the government said.

Russia’s invasion of Ukraine has in part been blamed for America’s economic slump in the recent data.

US companies front-loading imports and chaos in the global supply chains may both have had an impact.

Amid the economic gloom for the US, its fellow G7 member, the UK, was revelling in its post-Brexit successes earlier this year.

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Now firmly outside the EU, Britain had the “fastest-growing economy” in the G7, the Prime Minister Boris Johnson said.

The G7 is an intergovernmental forum of the world’s largest developed economies, which includes Canada, France, Germany, Italy and Japan.

Mr Johnson made his claim about the UK’s economy at Prime Minister’s Questions in January, also touting his vision for global Britain as the country emerged from the pandemic.

When looked at over 12 months from the third quarter of 2020 and the third quarter of 2021, the UK economy was the fastest growing in the G7.

GDP grew 6.8 percent during that time, according to data from the Organisation for Economic Co-operation and Development (OECD).

Another impressive figure released by the Government in February showed that the UK economy grew 7.5 percent in 2021.

This was the fastest rise since the Office for National Statistics records began in 1948.

However, this figure only tells part of the story due to the record 9.4 percent decline in UK economic growth the year before as the world ground to a halt due to the pandemic.

In February, the Treasury said: “New GDP figures released this morning show the UK economy has reported the strongest growth since the Second World War.”

However, esteemed economist Paul Johnson, director of the Institute for Fiscal Studies, clarified the Government’s line.

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On Twitter, he said: “Statement and chart are literally true. But do they reveal the truth? No.

“Economy grew strongly because it collapsed so much in 2020.

“Only interesting comparisons are with pre-Covid levels. We’ve done less well than most of G7 since then.”

Meanwhile, the Prime Minister’s claim has also since been scrutinised more closely.

Fact-checking site Full Fact clarified that it is true that the UK had the fastest growing economy in the G7 when looking at the data over 12 months from the third quarter of 2020 to the third quarter of 2021.

However, growth over the last available quarter of data from Q2 to Q3 in 2021 showed that the UK actually placed fifth in terms of GDP growth.

This put it behind Canada, France, Germany and Italy.

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