Thursday, 27 October 2016

Economy grows by 0.5%, trade deficit cut by £1.1bn, unemployment down and Nissan will produce two new models to Sunderland

The UK's economy grew by 0.5% in the quarter following the EU referendum vote.

Prior to the vote the Treasury put out a -0.1% growth figure to try and convince voters that Brexit would result in global economic apocalypse as part of Project Fear's failed propaganda war.

Since the referendum £1.1bn has been knocked off the trade deficit as imports have declined and exports have increased prompted by the weak pound. Around 10,000 more people are in employment than before the referendum, the Canadians are setting up a new trade office in the UK to boost trade and Nissan has announced more investment in its Sunderland plant which will build two new models, securing 7,000 jobs and creating hundreds more in the next few years.

Whilst even the BBC grudgingly reported the 0.5% economic growth - albeit with a reminder that economic growth was 0.7% in the quarter before the referendum - the left wing, pro-Remain Independent reported the good news as "UK economy growth has dropped by almost a third after Brexit". Only a left wing rag like the Independent could put such a negative spin on something so positive!