Monday, January 24, 2022

The UK’s economic recovery was already losing momentum before Omicron came out

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TAccording to new data, the British economy did not develop as quickly as initially assumed in the three months to September. The numbers will raise questions about how robust the pre-Omicron recovery was, especially as the country is gripped again by a wave of infections and self-isolation.

Growth has been scaled back from 1.3 per cent to 1.1 per cent in the three months to September and the Office for National Statistics (ONS) notes that this is a key reason for the UK’s weak performance in international trade compared to its competitors.

Although politicians are highlighting the benefits of a new post-Brexit independent trade policy, data so far suggests that the UK has struggled to take advantage of the global surge in trade volumes as major economies begin to recover from the impact of the pandemic.

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