Revised ONS statistics reveal UK was not yet in recession during second quarter

The UK is not in recession according to new figures released by the ONS on September 30. Statistics revealed that the British economy grew during the second financial quarter of the year, contrary to the first readings of the economic figures.

Economic output was up 0.2 per cent between April and June, an improvement on previous figures which had suggested it dropped 0.1 per cent. Therefore, the ONS said the UK economy is within 0.2 per cent of its pre Covid levels.

Chief economist for the ONS, Grant Fitzner commented on the figures saying “These improved figures show the economy grew in the second quarter, revised up from a small fall.” He added “They also show that, while household savings fell back in the most recent quarter, households saved more than we previously estimated during and after the pandemic”.

Experts say that a growth plan to boost economic prosperity is what is now needed to facilitate economic recovery.