Our new Economic review is now available studying the figures and movements over the last few months and looking at the effect Omicron has had to the Economy. In this issue we are also looking at inflation and the current investment markets.
The UK economy grew strongly in November to move beyond its pre-COVID level, with increasing momentum recorded across all industry sectors prior to the arrival of the Omicron.
Data released by the Office for National Statistics (ONS) revealed that the economy grew by 0.9% in November. This was much stronger than the consensus forecast predicted in a Reuters poll of economists and saw the UK economy recover all of the ground lost during the pandemic, with November’s output figure 0.7% above its February 2020 level.
Economic activity over the last two months, however, has clearly been hit by the spread of the Omicron variant. Data from IHS Markit/CIPS Purchasing Managers’ Index (PMI) reported a sharp slowdown in UK private sector growth in December and activity slipped further in January as Omicron again hit consumer-facing companies.
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