UK economy back to pre-pandemic levels in November

1/14/2022 11:05:00 AM

UK economy back to pre-pandemic levels in November

UK economy back to pre-pandemic levels in November

GDP expanded by 0.9% before impact of Omicron as Christmas shopping began early

Fri 14 Jan 2022 08.Architects, retailers, couriers and accountants had a ‘bumper’ November, says the ONS’s chief economist, Grant Fitzner.Thu 13 Jan 2022 18.Indian Ministry of external affairs Image caption, Indian trade minister Piyush Goyal and his British counterpart Anne-Marie Trevelyan have launched trade talks Britain and India have concluded their first day of talks about a potential free trade deal in New Delhi.

00 GMT Last modified on Fri 14 Jan 2022 08.02 GMT The UK economy surpassed its pre-pandemic level for the first time in November after growing by 0..9% over the month, partly driven by an unexpected surge in early Christmas shopping.With pressure growing on the chancellor to act, Rachel Reeves, his Labour shadow, said urgent steps were needed to help hard-pressed families before an expected surge in gas and electricity prices from April.The Office for National Statistics (ONS) said a jump in restaurant bookings and a rapid turnaround in construction output were also behind the growth that took the size of the economy 0.7% above its level before March 2020.Britain said the deal could almost double British exports to India, and boost total trade between the countries by £28bn per year by 2035.

City economists had expected an expansion of only 0.While Johnson apologised in parliament for attending a Downing Street “bring your own booze” garden party during the May 2020 lockdown, Sunak spent Wednesday on a ministerial visit to Devon, hundreds of miles from Westminster.4% and warned that November was likely to prove a high point in 2020, with the figures collected by the ONS coming shortly before the Omicron variant took hold, exacerbating worker shortages as thousands were off sick, and forcing the government to introduce plan B restrictions.It followed growth of 0.2% in October.But a former Tory cabinet minister dismissed that idea, saying: “He who wields the knife never wears the crown.The continuing increase in health services as a proportion of economic activity was another factor supporting the rise in GDP, the ONS said.Trade Secretary Anne-Marie Trevelyan calls the prospect of a free trade deal with India "a golden opportunity" and there are certainly huge commercial prizes up for grabs.

Against a backdrop of rising inflation and the threat of further interest rates by the Bank of England, business groups warned the economy remained weak.Suren Thiru, the head of economics at the British Chambers of Commerce, said: “Stronger growth in November is likely to be followed by a modest fall in output in December and January, as consumer caution to socialise and spend, and mounting staff absences sparked by Omicron and plan B limit activity.It is understood a plan will be announced before Friday 4 February, when the energy watchdog Ofgem is expected to announce by how much average bills will rise as it lifts the cap on what energy companies can charge.“While the UK economy should rebound once plan B measures are lifted, surging inflation and persistent supply chain disruption may mean that the UK’s economic growth prospects remain under pressure for much of 2022.” Analysts said that while the economy had struggled to grow since the summer, there was the prospect of a return to stronger growth in 2022, albeit with consumer spending constrained by the rising cost of living.Ana Boata, the head of economic research at the credit insurer Euler Hermes, said the consumer had come to the rescue of an economy still suffering the effects of Covid-19 “We expect GDP growth to hit 4.“Unlike the Labour party, we are considering the complexities of the situation and working on how best to target support appropriately.Read more here.

4% this year, followed by a further 2.6% increase in 2023.It’s not all plain sailing, though.“We’re expecting something to be done within the next couple of weeks, before the new price cap is announced,” one industry source said.Wages will go up around 3.5% above the pre-crisis average in 2022, in reaction to price rises across the full economy.UK government ministers want British firms to be able to sell more products such as whisky to India.

“Despite the Bank of England expected to raise rates at least twice this year to keep inflation in check, households’ real purchasing power will suffer, leaving excess savings to prop up consumer spending levels.But thankfully there are parts of government which can now see the wider economic implications of these energy costs,” the source added.” Sign up to the daily Business Today email or follow Guardian Business on Twitter at @BusinessDesk The chancellor, Rishi Sunak , welcomed the news that Britain’s economy was larger than before the pandemic.“It’s amazing to see the size of the economy back to pre-pandemic levels in November – a testament to the grit and determination of the British people,” he said.“The government is continuing to support the economy, including through grants, loans and tax reliefs for businesses, and our plan for jobs is ensuring people up and down the country have fantastic opportunities.Labour claimed Sunak had been repeatedly absent at key moments.“We all have a vital part to play to protect lives and jobs, and I urge everyone to do theirs by getting boosted as soon as you can.

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Unfortunately, we have an economic system that can temporarily thrive while destroying the environment and while decimating and debilitating the population. Note the use of the word TEMPORARILY. In other words, Christmas shopping briefly boosted the economy, who’d have thunk it. Yet most people are worse off. Wonder where the money went?

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