Britain’s economy surpassed pre-pandemic levels for the first time in November after growing by a stronger-than-expected 0.9 per cent.
The uplift from October meant the world’s fifth-biggest economy was 0.7 per cent larger than in February 2020 before the first lockdown was imposed in the UK, according to the Office for National Statistics.
Chancellor of the Exchequer Rishi Sunak said it was amazing to see the size of the economy back to pre-pandemic levels, calling it “a testament to the grit and determination of the British people”.
“The government is continuing to support the economy, including through grants, loans and tax reliefs for businesses, and our Plan for Jobs is ensuring people up and down the country have fantastic opportunities," Mr Sunak added.
Britain’s economy was the hardest hit in Europe at the start of the pandemic, plummeting almost 10 per cent in 2020, after the country ground to halt at the start of the crisis amid escalating cases and deaths.
However, the UK is expected to stage the strongest recovery in the G7 in 2021, with November’s acceleration in growth led by a 3.5 per cent leap in construction output, as raw materials became easier to source and the milder weather improved working conditions.
There was also a 1.1 per cent monthly increase in manufacturing output, with car output up 7.8 per cent and a 2.5 per cent gain in professional and scientific activities with architects, retailers, couriers and accountants also having a bumper month in November.
However, despite November's positive gains, gross domestic product is expected to take a hit in December when the Omicron coronavirus variant swept across Europe, with the loss of momentum stretching into January as many firms report severe staff absences and consumers are still wary of going out.
"More recent data from the ONS indicates the new variant has been causing waves of turbulence for the services industry in particular. Employee absence rates rose sharply at the end of December, with 3 per cent of the workforce estimated to be on sick leave or not working because of Covid symptoms or quarantine, the highest figures since comparable estimates began in 2020 June," said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown.
However, health officials think the Omicron infections wave has now peaked in Britain and analysts say the hit to the economy is likely to be short-lived, allowing the Bank of England to continue raising interest rates this year - something analysts expect to happen as early as next month to quell inflation, which is expected to surpass 6 per cent this year.
“Although the effects of the Omicron Covid-19 wave will probably mean that the economy falls back below its pre-pandemic peak by January after having surpassed it for the first time in November, that will probably prove to be a temporary setback,” said Paul Dales, chief UK economist at Capital Economics.
“That said, a sharp rise in taxes and utility prices on April 1 will be a drag on the recovery for the rest of this year.”
British households face a cost-of-living catastrophe this year caused by rising taxes, soaring energy bills and high inflation, putting the economy under strain, even if Plan B coronavirus restrictions are eased.
“Surging inflation and persistent supply-chain disruption may mean that the UK’s economic growth prospects remain under pressure for much of 2022,” said Suren Thiru, head of economics at the business lobby group the British Chambers of Commerce.
Separate figures showed imports of goods excluding precious metals rose by almost 5 per cent in November, while exports fell 1 per cent.
Imports from countries outside the European Union were higher than those from EU countries for the 11th consecutive month, with the gap now at the widest point of the year. Imports of fuel account for most of the difference.
The Internet
Hive Mind
four stars
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UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
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2. They can be created when massive stars collapse under their own weight
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Why are asylum seekers being housed in hotels?
The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.
A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.
Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.
The Home Office provides the accommodation, meaning asylum seekers cannot choose where they live.
When there is not enough housing, the Home Office can move people to hotels or large sites like former military bases.
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Flydubai flies direct from Dubai to Tbilisi from Dh1,025 return including taxes
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Started: 2018
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Based: Dubai
Sector: Transport
Size: 9 employees
Investment: $1,275,000
Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
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Sunrisers Hyderabad 178-6 (20 ovs)
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Chennai win by eight wickets
Killing of Qassem Suleimani
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How Filipinos in the UAE invest
A recent survey of 10,000 Filipino expatriates in the UAE found that 82 per cent have plans to invest, primarily in property. This is significantly higher than the 2014 poll showing only two out of 10 Filipinos planned to invest.
Fifty-five percent said they plan to invest in property, according to the poll conducted by the New Perspective Media Group, organiser of the Philippine Property and Investment Exhibition. Acquiring a franchised business or starting up a small business was preferred by 25 per cent and 15 per cent said they will invest in mutual funds. The rest said they are keen to invest in insurance (3 per cent) and gold (2 per cent).
Of the 5,500 respondents who preferred property as their primary investment, 54 per cent said they plan to make the purchase within the next year. Manila was the top location, preferred by 53 per cent.
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