How did pints save the British economy?
by Moses Brett
British football fans beer-drinking may have steered Great Britain away from a recession.
The World Cup of 2022 brought highs and lows, but a significant high came for Jeremy Hunt, the chancellor, where there was a growth of 0.1% in November 2022, through the food and beverage industry.
The economic forecast was a contraction of 0.2%, but they clearly didn’t consider the hype around the World Cup. The Office For National Statistics reported that the food and beverage industry contributed to most of the economic growth in the month of November.
In the three months before November, gross domestic product contracted by 0.3%, leading to a quarter of negative economic growth. This was plagued by constant strikes which may have contributed to this, which was as a result of the steep increase in inflation. This was because of the restricted supply of some goods and services as the war in Ukraine was a contributing factor.
Richard Graham MP said the unexpected growth caused a technical recession (which is where there was negative economic growth which occurs when there are two consecutive quarters of negative growth. He also stated that positive GDP helped despite claiming that the economy was the still fragile.
In general, the World Cup is likely to have saved the British economy. With inflation expected to halve by the end of 2023, we can all look to a positive economic outlook.
The World Cup of 2022 brought highs and lows, but a significant high came for Jeremy Hunt, the chancellor, where there was a growth of 0.1% in November 2022, through the food and beverage industry.
The economic forecast was a contraction of 0.2%, but they clearly didn’t consider the hype around the World Cup. The Office For National Statistics reported that the food and beverage industry contributed to most of the economic growth in the month of November.
In the three months before November, gross domestic product contracted by 0.3%, leading to a quarter of negative economic growth. This was plagued by constant strikes which may have contributed to this, which was as a result of the steep increase in inflation. This was because of the restricted supply of some goods and services as the war in Ukraine was a contributing factor.
Richard Graham MP said the unexpected growth caused a technical recession (which is where there was negative economic growth which occurs when there are two consecutive quarters of negative growth. He also stated that positive GDP helped despite claiming that the economy was the still fragile.
In general, the World Cup is likely to have saved the British economy. With inflation expected to halve by the end of 2023, we can all look to a positive economic outlook.
