Britain’s economic resurgence has caught the whole world by surprise
The numbers all point to blistering growth as the hit from Brexit continues to diminish each month
"Philip Shaw from Investec has pencilled in blistering growth of 7.3pc this year, but says it could be over 8pc. “We’re trying not to sound outrageous but that is what the numbers are telling us,” he said. The firm has the eurozone pegged at 4.4pc.
Upgrades are pouring in. The Swiss bank UBS has raised its UK forecast from 3.8pc to 5.5pc. Bank of America and Barclays have both raised theirs to 5.9pc. A “very optimistic” Goldman Sachs is eyeing 7.1pc ..."
"Everybody has been too bearish on the UK,” said David Owen from Jefferies. “It is going to be a ‘coiled spring’ recovery and we even think the UK will outperform the US in 2022 with 7.6pc growth.”
Mr Owen says a powerful inventory cycle is about to kick in as firms restock. This will be turbocharged by £100bn of excess savings built up by companies over the pandemic."
"On the import side, the UK is buying less from the EU and relatively more from elsewhere. China’s shipments jumped 71pc (partly due to PPE). Imports fell 27pc from France, 18pc from Holland, 14pc from Germany, and 13pc from Italy. A pattern is emerging: the EU has chosen to make goods trade with the UK needlessly complicated and is now losing market share to global competitors."
"It will take a generation to reach a useful economic verdict on Brexit. What is clear already is that the incessant high-decibel negativism of the London opinion machine has been exposed as ill-informed and hysterical. The British economy is doing just fine. Time to change the stuck record, my friends."
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