Brexit Update: British Economy Still Growing Better That Predicted

Zach Montanaro | October 28, 2016
Font Size

This just in: Britain is still doing as well as it was before it bailed out of the European Union.

That’s according to the newest release of numbers by the British Office of National Statistics, a non-political department that reports directly to the U.K. Parliament. In their latest assessment, the ONS found that Britain's national GDP growth had increased by 0.5 percent in the quarter from July to September.

While slower than the 0.7 percent growth that was seen in the period between April and June, this does beat a prediction from the Bank of England that the economy would only grow by 0.2 percent following "Brexit."

"There is little evidence of a pronounced effect in the immediate aftermath of the vote," the ONS said.

There were some dips in certain sections of the economy, however. Construction, for example, dipped by 1.4 percent, while manufacturing also saw a 1 percent decline. This was offset, though, by the services industry growing 0.2 percent in the same time, as the services industry accounts for more than 78 percent of the UK economy. As explained by the New York Times, “a weaker currency helps British exporters and encouraged spending by tourists.”

There were also reports that Nissan was going to continue making their new line of cars in Britain, guaranteeing at least 7,000 jobs there.

"The support and assurances of the UK government enabled us to decide that the next-generation Qashqai and X-Trail will be produced at Sunderland," said Carlos Ghosn, Nissan's chief executive, adding that he welcomed Prime Minister Theresa May's "commitment to the automotive industry in Britain." Theresa May also commented that this move further shows that "Britian is open for business."

This is further proof that the British economy has held up and even done somewhat better than expected after the Brexit vote. As was covered here on MRCTV before, the narrative many in the media loved to drive was that Brexit would cause economic calamity for Great Britain, and that somehow the campaign was the result of racism and xenophobia.

As was shown once again, however, Britain is standing strong. Like we said last time, the reports of the death of Great Britain have been greatly exaggerated.

Thank you for supporting MRCTV! As a tax-deductible, charitable organization, we rely on the support of our readers to keep us running! Straight from Founder and President, Brent Bozell, please read the MRC request for support here to see how you can join the movement!

mrc merch