Downing Street dismisses report over ONS' £490bn write-down, saying "economic fundamentals are strong"

Catherine Neilan
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Government Announces That The UK Is Officially In Recession
The original figure was descibed as "an outlier" (Source: Getty)

Downing Street has dismissed figures suggesting the UK is £490bn poorer off than previously thought, insisting the country's economic fundamentals are still "strong".

The ONS revised data relating to the UK's balance of payments, reducing its net international investment position down from a surplus of £469bn to a net deficit of £22bn two weeks ago, however an article in today's Telegraph suggested it had caused shock among global banks and international debt strategists.

But City A.M. understands that, far from being a matter of huge concern, the revision has actually brought figures back into more usual territory, with the original estimate described by one insider as "an outlier", while the amounts involved were small on a relative basis.

This morning the Prime Minister's spokesman confirmed this was a "technical" revision, noting that there had been no market reaction when the data was first released.

"It doesn't change our underlying economic position," he added. "The fundamentals of the UK's economy are strong."

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