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The UK economy is in a pre-epidemic state

The UK economy is in a pre-epidemic state

London: After recording strong growth in November, the British economy has surpassed its pre-epidemic levels, official data show.

“GDP growth is projected at 0.9 percent in November 2021, the highest level before the epidemic for the first time,” the National Statistics Office said in a statement.

He explained that the British economy was 0.7 percent higher than what was recorded in February 2020.

“It is amazing to see the size of the economy return to its pre-epidemic level in November, a testament to the resilience and resilience of the British people,” said Finance Minister Rishi Sunak.

Sunak, the successor to Prime Minister Boris Johnson, who is currently facing a multifaceted crisis, urged the British to get booster doses of the vaccine, especially as he violated the first closure measures and social segregation rules in the UK. Protect the recovery recorded by the economy.

“We all play a vital role in saving lives and jobs, and I urge everyone to do their part by getting their COVID boosters as soon as possible,” he said.

The British economy recorded strong growth in November, compared with a production rate of 0.2 per cent in October, which preceded Omicron’s dominance.

“GDP plummeted in December, with residents staying home in the face of Omigran’s proliferation,” said Samuel Toms, chief economist at Pantheon Macroeconomics.

Avoid the aftermath

The British Retailers Association warned last week that restrictions imposed to oppose Omicron had “rubbed” most of the recent recovery in UK stores.

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With Omicron’s contribution to increasing the rate of home celebrations, UK supermarkets have been able to avoid a major downturn.

Tesco, the largest British retailer, raised its annual profit margin on Thursday after recording a 3.2 per cent increase in holiday sales.

Meanwhile, anger escalated after a late apology for attending a party during the lock-out as Johnson was battling for his political future on Friday, and a new report on other rallies at his home was released.

The burden of inflation

Albesh Paleja, chief economist at the CBI, Britain’s leading trade lobby group, said it had tarnished Britain’s economic outlook.

Economies are reeling under the weight of high inflation, which has not been seen for decades, forcing central banks to raise interest rates, including the Bank of England, which raised its core borrowing spending by 0.25 per cent last month.

The percentage rose from a record high of 0.1 percent.