The UK’s economy showed promising signs of recovery during the fourth quarter of 2020 but not enough to compensate for a dismal year, which, with its annual 9.9-percent contraction, broke a 300-year record and clocked in among the G7’s worst economic performances. Although 2021 is getting off to a slow start with new lockdown measures, increased vaccination and more consumer spending may fuel a vigorous rebound later in the year.
Office for National Statistics (ONS)
Although coronavirus restrictions have continued to be lifted, unemployment in the United Kingdom in the three months to July still increased, official data published on Tuesday, September 15, showed. According to the Office for National Statistics (ONS), the unemployment rate was estimated at 4.1 percent
The United Kingdom’s annual inflation rate fell sharply in August to its lowest level in almost five years, as the government’s Eat Out to Help Out discount-meal scheme contributed significantly towards driving down the cost of living. Figures released by the Office for National Statistics (ONS) on Wednesday, September 16,
According to figures released on Friday, September 11, by the Office for National Statistics (ONS), the United Kingdom’s gross domestic product (GDP) expanded by 6.6 percent during July, as lockdown measures in the country continued to ease and the economy showed clearer signs of recovery.
Voters in the United Kingdom handed Prime Minister Boris Johnson and his Conservative Party a resounding victory via the recent election. Apparently believing that his plan would be the best horse to ride out of the Brexit quagmire in which the nation finds itself, Johnson has a strong mandate to meet successfully the 2020 deadlines: EU exit in January and EU trade deal by year’s end. Can he do it?
Misgivings about the ultimate outcome of Brexit have delivered a blow to the UK’s once-hot housing market. Buyers are reluctant to buy, and sellers are hesitant to sell—until there is more clarity on Brexit. House prices are trending lower, with few exceptions. As October 31, the new Brexit deadline, draws nearer, house buyers and sellers will watch developments closely and hope for a final resolution.