LONDON, Dec 10 ― Britain's economy barely grew in October, before the emergence of the new Omicron variant of the coronavirus, further denting expectations that the Bank of England will raise interest rates next week for the first time since the pandemic struck.That meant the economy remained 0.5 per cent smaller than it was in February 2020, just before the country went into its first Covid-19 lockdown, the Office for National Statistics said today.
“We need to create consistency in our approach and build confidence by reducing the oscillation between normal life and restrictions as we learn to live with the virus and its variants.” But the rebound slowed in recent months as supply chain problems hit manufacturers and it is expected to lose more momentum due to new Covid-19 rules to slow the spread of the Omicron variant of the coronavirus.
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