The Office for National Statistics has made some pretty dramatic upward revisions for 2020 and 2021 - and negativity among investors, households and businesses about lacklustre UK growth may have been misguided.
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Chancellor Jeremy Hunt said:"The fact that the UK recovered from the pandemic much faster than thought shows that once again those determined to talk down the British economy have been proved wrong. Put together, these led to some pretty dramatic upgrades in parts of the services sector, which makes up four-fifths of UK GDP. The ONS now thinks the services sector as a whole grew by 10.9% in 2021, way ahead of the previous estimate of 7%, which is a pretty extraordinary upward revision.
Other sectors where activity was stronger than previously assumed were professional scientific and technical activities and healthcare services. There has been much hand-wringing in recent months about why international investors are shunning UK assets and why some UK companiesMuch of that negativity will have been informed by headlines about the UK's lacklustre growth post-pandemic.
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