The UK economy has announced its greatest year of growth since the Second World War.
The market is larger than it was in February 2020 and has now been confirmed as the fastest growing economy within the major nations.
The Office for National Statistics (ONS) shares that the growth comes after a sharp fall of 9.4% for the UK compared to those same nations in 2020.
The pandemic has had a backlash on the economy and the lift in restrictions served as only a temporary boost in the financial system. With the spread of the Omicron variant weighing in on the market in December 2021, the UK economy grew by only 1% in the final quarter of 2021.
As the economy sets to grow, the backlash from the economic recovery is likely to see a further increase in interest rates by the Bank of England in order to reduce the rise in inflation. The high cost of living and energy bills leading to falls in average living standards will also see a knock-on effect on the economy in 2022.
Suren Thiru, head of economics at the British Chamber of Commerce, said that “crippling” inflation, tax rises in April, and higher energy bills means “the UK economy is facing a materially weaker 2022”.
To get further information about this news story, email firstname.lastname@example.org, call 0115 958 6872 or fill in an enquiry form below.