During the EU in/out referendum campaign, leading figures in the Government and international organisations like the IMF said that a vote to leave the EU would see Britain's economy hit by a recession.
In fact, the so-called "experts" said that this very quarter just ended would see negative growth if we voted to leave the EU.
Yet figures released at 9.30 this morning have proven the doom-mongering Remoaners wrong. Rather than negative growth in the three months since the Leave victory the economy actually expanded by 0.5%.
The UK economy GREW by 0.5% in the three months after historic Brexit vote despite dire Project Fear warnings
GDP growth of 0.5% above expectations between July and September
Treasury forecast before the vote there would be 0.1%-1% contraction
ONS figures show slower growth than the 0.7% between April and June
Chancellor Philip Hammond says the economy is 'doing very well'
By James Tapsfield, Political Editor For Mailonline
27 October 2016
The UK economy defied dire warnings about a crash in the wake of the historic Brexit vote, official figures showed today.
GDP grew by 0.5 per cent in the three months after the nation voted to cut ties with Brussels, according to the Office for National Statistics (ONS).
The preliminary numbers exceeded the expectations of many economists, and are in stark contrast to the doom-laden 'Project Fear' predictions by George Osborne and others.
An assessment produced by the Treasury during the referendum campaign suggested UK plc would shrink by up to 1 per cent.
The UK economy grew by 0.5 per cent in the quarter to the end of September, above the expectations of economists
The latest figure for the July-September period is slower than the 0.7 percent expansion between April and June but better than the most recent forecast by the Bank of England.
It is well above the 0.3 percent level that economists had pencilled in.
The strength of growth is likely to put the final nail in the coffin for the prospects of another emergency rate cut by the Bank of England.
Chancellor Philip Hammond said the news showed UK plc was 'doing very well'.
‘I’m very pleased to see the economy is still resilient, very strong third quarter growth, that tells us that we go into the period of negotiation for our exit from the EU from a position of strength, with the economy doing very well,’ he said.
ONS Chief Economist Joe Grice said: 'Today's data provide the most comprehensive picture so far of the post-referendum UK economy.
'While quarterly growth has fallen slightly, the economy has continued to expand at a rate broadly similar to that seen since 2015 and there is little evidence of a pronounced effect in the immediate aftermath of the vote.
'A strong performance in the dominant services industries continued to offset further falls in construction, while manufacturing continued to be broadly flat.
'It is important to remember this is the first estimate, though it does reflect information already gathered from more than 37,000 UK firms.'
Many economists initially predicted that the Brexit vote would cause a recession.
The Bank of England said as recently as September that the preliminary ONS reading would probably show growth in the third quarter of only 0.2 percent.
Chancellor Philip Hammond said the figures showed the economy was 'doing very well'
The central bank will decide next week whether to cut interest rates further from their all-time low of 0.25 percent.
But governor Mark Carney tried to play down expectations earlier this week by pointing to the impact of the drop in sterling on inflation.
Prime Minister Theresa May has said she plans to trigger Article 50 by the end of March - launching the formal two year process for leaving the EU.
Mr Hammond is due to unveil his Autumn Statement on November 23, and has suggested the purse strings could be loosened to help the economy forge on while the Brexit process continues.
The GDP figures defied dire predictions from then-Chancellor George Osborne among others
Read more: The UK economy GREW by 0.5% in the three months after historic Brexit vote despite dire Project Fear warnings | Daily Mail Online
Follow us: @MailOnline on Twitter | DailyMail on Facebook
REMOANERS' MENTALITY:
"The fall in the pound is because of Brexit!"
"I know we were predicting that the quarter straight after a Leave vote would see negative growth whereas, instead, the quarter after Brexit has seen a growth of 0.5%, but you need to remember that Brexit hasn't happened yet!"
Remoaners told us that a vote to leave the EU would see major car manufacturers pulling out of the UK.
Now Nissan has confirmed it will build the new Qashqai model - as well as the X-Trail SUV - at its Sunderland plant in the first major decision for the car industry since the Brexit vote.
Nissan to build new models in Sunderland
BBC News
27 October 2016
Nissan has confirmed it will build the new Qashqai model - as well as the X-Trail SUV - at its Sunderland plant in the first major decision for the car industry since the Brexit vote.
The decision will secure 7,000 jobs, with the possibility of more to be created, following "support and assurances from the UK government".
Building the X-Trail is an unexpected addition to the Sunderland line-up.
The Nissan plant is Britain's biggest and made 475,000 vehicles last year.
Chief executive Carlos Ghosn said last month that Nissan may not invest in the Sunderland plant unless the government guaranteed compensation for costs related to any new trade tariffs resulting from Brexit.
The Sunderland plant built almost one in three cars made in Britain last year, 80% of which were exported.
Production of the next Qashqai model is expected to begin in 2018 or 2019.
Nissan to build new models in Sunderland - BBC News
In fact, the so-called "experts" said that this very quarter just ended would see negative growth if we voted to leave the EU.
Yet figures released at 9.30 this morning have proven the doom-mongering Remoaners wrong. Rather than negative growth in the three months since the Leave victory the economy actually expanded by 0.5%.
The UK economy GREW by 0.5% in the three months after historic Brexit vote despite dire Project Fear warnings
GDP growth of 0.5% above expectations between July and September
Treasury forecast before the vote there would be 0.1%-1% contraction
ONS figures show slower growth than the 0.7% between April and June
Chancellor Philip Hammond says the economy is 'doing very well'
By James Tapsfield, Political Editor For Mailonline
27 October 2016
The UK economy defied dire warnings about a crash in the wake of the historic Brexit vote, official figures showed today.
GDP grew by 0.5 per cent in the three months after the nation voted to cut ties with Brussels, according to the Office for National Statistics (ONS).
The preliminary numbers exceeded the expectations of many economists, and are in stark contrast to the doom-laden 'Project Fear' predictions by George Osborne and others.
An assessment produced by the Treasury during the referendum campaign suggested UK plc would shrink by up to 1 per cent.
The UK economy grew by 0.5 per cent in the quarter to the end of September, above the expectations of economists
The latest figure for the July-September period is slower than the 0.7 percent expansion between April and June but better than the most recent forecast by the Bank of England.
It is well above the 0.3 percent level that economists had pencilled in.
The strength of growth is likely to put the final nail in the coffin for the prospects of another emergency rate cut by the Bank of England.
Chancellor Philip Hammond said the news showed UK plc was 'doing very well'.
‘I’m very pleased to see the economy is still resilient, very strong third quarter growth, that tells us that we go into the period of negotiation for our exit from the EU from a position of strength, with the economy doing very well,’ he said.
ONS Chief Economist Joe Grice said: 'Today's data provide the most comprehensive picture so far of the post-referendum UK economy.
'While quarterly growth has fallen slightly, the economy has continued to expand at a rate broadly similar to that seen since 2015 and there is little evidence of a pronounced effect in the immediate aftermath of the vote.
'A strong performance in the dominant services industries continued to offset further falls in construction, while manufacturing continued to be broadly flat.
'It is important to remember this is the first estimate, though it does reflect information already gathered from more than 37,000 UK firms.'
Many economists initially predicted that the Brexit vote would cause a recession.
The Bank of England said as recently as September that the preliminary ONS reading would probably show growth in the third quarter of only 0.2 percent.
Chancellor Philip Hammond said the figures showed the economy was 'doing very well'
The central bank will decide next week whether to cut interest rates further from their all-time low of 0.25 percent.
But governor Mark Carney tried to play down expectations earlier this week by pointing to the impact of the drop in sterling on inflation.
Prime Minister Theresa May has said she plans to trigger Article 50 by the end of March - launching the formal two year process for leaving the EU.
Mr Hammond is due to unveil his Autumn Statement on November 23, and has suggested the purse strings could be loosened to help the economy forge on while the Brexit process continues.
The GDP figures defied dire predictions from then-Chancellor George Osborne among others
Read more: The UK economy GREW by 0.5% in the three months after historic Brexit vote despite dire Project Fear warnings | Daily Mail Online
Follow us: @MailOnline on Twitter | DailyMail on Facebook
REMOANERS' MENTALITY:
"The fall in the pound is because of Brexit!"
"I know we were predicting that the quarter straight after a Leave vote would see negative growth whereas, instead, the quarter after Brexit has seen a growth of 0.5%, but you need to remember that Brexit hasn't happened yet!"
Remoaners told us that a vote to leave the EU would see major car manufacturers pulling out of the UK.
Now Nissan has confirmed it will build the new Qashqai model - as well as the X-Trail SUV - at its Sunderland plant in the first major decision for the car industry since the Brexit vote.
Nissan to build new models in Sunderland
BBC News
27 October 2016
Nissan has confirmed it will build the new Qashqai model - as well as the X-Trail SUV - at its Sunderland plant in the first major decision for the car industry since the Brexit vote.
The decision will secure 7,000 jobs, with the possibility of more to be created, following "support and assurances from the UK government".
Building the X-Trail is an unexpected addition to the Sunderland line-up.
The Nissan plant is Britain's biggest and made 475,000 vehicles last year.
Chief executive Carlos Ghosn said last month that Nissan may not invest in the Sunderland plant unless the government guaranteed compensation for costs related to any new trade tariffs resulting from Brexit.
The Sunderland plant built almost one in three cars made in Britain last year, 80% of which were exported.
Production of the next Qashqai model is expected to begin in 2018 or 2019.
Nissan to build new models in Sunderland - BBC News
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