UK economy shrinks but might avoid double-dip recession - News Summed Up

UK economy shrinks but might avoid double-dip recession


Britain’s economy shrank in November as it went into a new lockdown, but the decline was smaller than expected as businesses adjusted to social distancing and schools remained open, making a double-dip recession less likely. The scale was also far smaller than April’s 18.8 per cent collapse during Britain’s first lockdown. “Overall, the growing immunity to lockdowns suggests that the economy is not quite as sick as we thought,” said Paul Dales, chief UK economist at Capital Economics. The world’s sixth-biggest economy shrank more than its peers in the first half of 2020 and is now 8.5% smaller than it was in February, before the start of the pandemic. Friday’s data showed Britain’s economy in November was 8.9 per cent smaller than a year earlier, compared with 6.8 per cent smaller in October.


Source: Standard Digital January 15, 2021 19:41 UTC



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