Covid lockdowns cost at least £118 billion in lost GDP, but what did it save?
Any cost-benefit analysis of lockdowns that plays down the economic impacts is misguided.
Menu
Any cost-benefit analysis of lockdowns that plays down the economic impacts is misguided.
Worse-than-expected growth figures out today showed that the UK economy shrank by 0.5 per cent in July.
This factual data doesn’t really make much difference to the case for or against Brexit.
When it comes to GDP, the UK lags behind most of G20 countries and the average Brit is £10K a year worse off than their US counterpart.
The bulk of the shortfall comes from online shopping and the government sector.
The problem of lacklustre productivity has afflicted Britain since at least Victorian times.
Still, inflationary pressure remains – and the US growth outlook for 2023 is worrying.
As China’s growth rate slows, other nations will pick up the slack.
Bad modelling by the Treasury led to abolishing the VAT rebate for foreign shoppers.
Subscribe to Reaction and receive unlimited access to the site, our daily email with analysis every evening and invites to online events.
© Copyright 2023 Reaction Digital Media Limited – All Rights Reserved. Registered Company in England & Wales – Company Number: 10166531.
