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British economy still below pre-pandemic level, highlighting Truss’s dilemma

According to data released on Friday, Britain’s economy is still below its pre-pandemic peak, further putting it behind other Group of Seven countries and highlighting the task incoming Prime Minister Liz Truss faces.

 

The British economy has not yet entered a recession, according to the Office for National Statistics, which reported that economic output unexpectedly increased by 0.2% from April through June. This increase was previously reported as a 0.1% contraction.

 

However, the ONS reduced its projection for Britain’s recovery from the COVID-19 pandemic, reflecting a greater economic blow than initially anticipated in 2020 when health lockdowns forced companies across the nation to close.

 

It said that the second quarter’s gross domestic product was 0.2% lower than where it was at the end of 2019—a decrease from its earlier forecast of 0.6%.

 

The economy is in worse shape than we first anticipated, according to Paul Dales, an economist at Capital Economics, despite the improved news regarding its performance in Q2.

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