So, the doomsters have been proved wrong again – not least the Bank of England, which a year ago forecast recession throughout 2023. GDP figures released by the Office of National Statistics this morning show that the economy grew by 0.2 per cent in August, partially reversing a sharp contraction of 0.6 per cent in July. Across the three months to August – which is a rather better guide to what is happening than the volatile monthly figures – show growth of 0.3 per cent. It is not possible now – by the usual definition of two consecutive quarters of negative growth – for Britain to suffer a recession in 2023, and neither does it seem all that likely that we will be experiencing one in six months’ time. But no-one should get too excited.
It is easy for Labour to blame the Conservatives for an anaemic economy
There is plenty of bad news in today’s figures. July’s
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