Sizing up the UK’s economy

 The UK’s largest independent producer of unbiased statistical data, the Office for National Statistics, has recently released a new report claiming that through their investigations they uncovered that the economy was £26 billion larger than previously indicated. 

This nation’s economy is the fifth largest in the world, behind the United States, China, Japan and Germany. Their economic output usually comes in each year at around $2.8 trillion/ €2.5 trillion according to statistics published by the International Monetary Fund. 

Additionally, the annual gross domestic product growth has been shown to have increased by 0.1 more than what was expected every year since 1997. This 21 year lag in the updating of GDP growth has been a huge factor in the sudden uncovering of the £26 billion in addition funds. 

Although these statistics seem promising, the Office for National Statistics only included data up to a few months after the initial process of Brexit. The data that came after this most likely would have drawn down these figures, making the GDP expansion less significant than previously. 

In recent years, Britain’s GDP has …

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Brexit budget seems uncertain

The time is coming once again for the Irish government to publish its annual Summer Economic Statement, which will be composed mostly by Finance Minister Paschal Donohoe. This years budget will be especially tricky, given the ominous threat of Brexit on the horizon. 

Donohoe’s strategy to combat the issues that are likely to arise given the likely succession of the United Kingdom from the European Union are related to the type of Brexit that occurs. According to the Economics and Social Institute, there are three scenarios that should likely be considered when drawing up a detailed economic plan for the future. 

In general, it is an ideal practice to compare all of these possibilities to a counterfactual scenario where no succession occurs. The three main possibilities, surrounded by economic and political uncertainty, are deal, no-deal, and disorderly no-deal. 

The deal scenario is described as the “UK making an orderly agreed exit from the EU” which “ involves a transition period covering the years 2019 and 2020, and a free trade agreement between the UK and the EU27 thereafter.”

The no-deal …

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