UK economy recovers to pre-pandemic levels after 0.9% growth in November – business live | Business

Chancellor of the Exchequer, Rishi Sunak, has welcomed the information that Britain’s economy is bigger than earlier than the pandemic:

“It’s wonderful to see the dimensions of the economy again to pre-pandemic levels in November – a testomony to the grit and dedication of the British individuals.

“The federal government is constant to help the economy, together with by way of grants, loans and tax reliefs for companies, and our Plan for Jobs is guaranteeing individuals up and down the nation have unbelievable alternatives.

“All of us have a significant half to play to shield lives and jobs, and I urge everybody to do theirs by getting boosted as quickly as you may.”

Good morning.

The UK economy has recovered to its pre-pandemic degree, after a surge of growth in November.

UK GDP grew by 0.9% in November, information from the Workplace for Nationwide Statistics reveals, because the economy picked up after slowing to simply 0.2% in October.

It means UK GDP is 0.7% above its degree in February 2020, simply earlier than the primary wave of Covid-19 pandemic hit – a milestone in the restoration from the pandemic.

Nonetheless, this restoration got here simply earlier than the Omicron variant hit the UK, inflicting disruption in December.

The ONS experiences that the companies, manufacturing, and constructing sectors all expanded in November, whereas the retail sector noticed sturdy growth.

• Companies (0.7%), manufacturing (1.0%) and development (3.5%) output all elevated between October and November 2021; which means that companies and development output are each 1.3% above their pre-coronavirus levels whereas manufacturing stays 2.6% under.
• Within the newest month, output in consumer-facing companies grew by 0.8%, primarily due to a 1.4% improve in retail commerce, whereas all different companies rose by 0.6%; consumer-facing companies are nonetheless 5.0% under their pre-coronavirus levels, whereas all different companies are 2.9% above.

We’ll pull collectively extra particulars and response now.

Additionally arising right this moment

China has posted a document commerce surplus in December and in 2021, with exports rising 20.9% year-on-year final month and imports up 19.5%.

Commerce information from the UK and the eurozone right this moment will present how Covid, and Brexit, weighed on buying and selling in November.

New US retail gross sales and shopper confidence information will spotlight if Omicron has damage the American economy.

European inventory markets are set for a decrease begin, after one other day of uneven buying and selling on Wall Avenue. The tech-focused Nasdaq index tumbled 2.5%, to its lowest degree since October.

On the company aspect, Blackrock, Citi, JP Morgan and Wells Fargo are releasing This fall monetary outcomes.

The agenda

• 9am GMT: Germany’s full yr GDP report
• 10am GMT: Eurozone commerce steadiness for November
• 1.30pm GMT: US retail gross sales for December
• 2.15pm GMT: US industrial manufacturing for December
• 3pm GMT: Michigan survey of US shopper sentiment in January