The sense of excitement among some Remainers is almost palpable. Finally – after three years of waiting – a quarter of negative growth has materialised following all the grim warnings of Brexit-related economic turmoil.
The Office of National Statistics (ONS) this morning released its first estimate for economic growth for the second quarter of this year, which has come out at minus 0.2 per cent. That counteracts unexpectedly strong growth in the first quarter of 0.5 per cent.
Manufacturing, which shrank by 2.3 per cent, was the worst-performing sector of the economy. The dominant services sector expanded but only just, at 0.1 per cent.
Another quarter of negative growth and Britain will be in recession – albeit rather later and shallower than George Osborne infamously predicted just ahead of the 2016 recession. Back then, the chancellor published Treasury forecasts suggesting that GDP would slip by between 3.5
Get Britain's best politics newsletters
Register to get The Spectator's insight and opinion straight to your inbox. You can then read two free articles each week.
Already a subscriber? Log in
Comments
Join the debate for just $5 for 3 months
Be part of the conversation with other Spectator readers by getting your first three months for $5.
UNLOCK ACCESS Just $5 for 3 monthsAlready a subscriber? Log in