We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info

The Office for National Statistics (ONS) said the economy grew by 1.1 percent, rather than 1.3 percent, between July and September. This marks a sharp pullback on growth in the second quarter, when UK output increased by 5.4 percent after the easing of Covid restrictions.

Latest data pre-dates the rise of the Omicron variant, which is predicted to hit growth.

Martin Beck, chief economic adviser to forecasters EY Item Club, has warned: “The outlook for the early part of 2022 remains uncertain.”

The ONS blamed weaker consumer spending and the impact of energy companies going out of business, a sector hit by rocketing wholesale gas prices.

The economy is now 1.5 percent smaller than before the pandemic.

But the ONS said it has recovered some ground thanks to a stronger rebound than first thought in 2020.

See the latest Covid vaccine stats below and visit InYourArea for all the Covid vaccine latest

Source: Read Full Article