Revised data for 2020 showed the country’s economy shrank 11%

The British economy contracted by 11% in 2020, its largest drop in 300 years, revised data from the UK Office for National Statistics (ONS) showed on Monday. The previous reading had been a 9.3% decline.

This happened to be the biggest drop since the ONS began keeping records and the UK’s largest GDP slump since 1709, the year of the ‘Great Frost,’ when the country’s economy shrank by 13.4%, according to historical data provided by the Bank of England.

The downward revision was triggered by new data showing the effect the Covid-19 pandemic had on healthcare and individual retailers.

The health service faced higher costs than we initially estimated, meaning its overall contribution to the economy was lower,” ONS analyst Craig McLaren explained, adding that retailers also faced higher costs, which prompted statisticians to revise their contribution to the economy.

In 2021, the British economy largely returned to its pre-pandemic levels. However, since the start of this year, it has been increasingly battered by rising inflation, and analysts now fear the country could tip into recession by the end of the year.

The ONS is due to publish its updated growth figures for 2021 and the first half of 2022 in September. The agency routinely updates its GDP estimates when it obtains more data.

 

Source: https://www.rt.com

Your Tax Free Donations Are Appreciated and Help Fund our Volunteer Website and Orphanage

Disclaimer: We at Prepare for Change (PFC) bring you information that is not offered by the mainstream news, and therefore may seem controversial. The opinions, views, statements, and/or information we present are not necessarily promoted, endorsed, espoused, or agreed to by Prepare for Change, its leadership Council, members, those who work with PFC, or those who read its content. However, they are hopefully provocative. Please use discernment! Use logical thinking, your own intuition and your own connection with Source, Spirit and Natural Laws to help you determine what is true and what is not. By sharing information and seeding dialogue, it is our goal to raise consciousness and awareness of higher truths to free us from enslavement of the matrix in this material realm.

2 COMMENTS

  1. When Britain first, at heaven's command
    Arose from out the azure main
    Arose, arose, arose from out the a-azure main
    This was the charter, the charter of the land
    And guardian angels sang this strain:

    Rule Britania!
    Britannia rule the waves
    Britons never, never, never shall be slaves

    Rule Britannia!
    Britannia rule the waves
    Britons never, never, never shall be slaves

    & please NO LAUGHING !!!

LEAVE A REPLY

Please enter your comment!
Please enter your name here