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 …