The UK economy is on track to head back into recession as official figures showed that it fell in November after the country was hit by stricter coronavirus restrictions.
Bank of England deputy governor Ben Broadbent has said resilient household spending has been “funded by tomorrow’s taxpayers” as he warned over the impact of the furlough scheme on UK public finances.
It has been a year of grim records for Britain’s economy as it hurtles towards its biggest annual fall in output for more than 300 years due to the havoc wrought by Covid-19.
The Bank of England has said the rollout of a Covid-19 vaccine had boosted the UK’s economic outlook, but cautioned over the impact of tough tier restrictions and the threat of a no-deal Brexit.
The Bank of England is expected to keep interest rates unchanged on Thursday amid hopes of an 11th hour Brexit deal and signs the economy is holding up in the face of a second wave of the pandemic.
Scotland’s economy grew by 16% in the third quarter of this year after coronavirus lockdown measures were eased.
The UK’s economy has shown the largest annual slump of all the G20 nations, despite rebounding to growth in the third quarter, according to the Organisation for Economic Co-operation and Development (OECD).
UK economic growth slowed sharply in October as restrictions were tightened to control the spread of a relentless second wave of Covid-19, official figures show.
Activity in Britain’s services sector slammed into reverse last month during England’s second national lockdown, but the impact was less severe than first feared, according to new figures.
Britain’s economy will suffer the biggest plunge in output for more than 300 years and government borrowing will balloon to a peacetime high of £394 billion, the fiscal watchdog has warned.
Economic growth in Scotland is still well below the level it was before the coronavirus pandemic, despite new data showing GDP has increased for the fifth month in a row.
The UK economy surged out of recession with record growth of 15.5% between July and September, but official figures show the recovery slowed sharply even before the second lockdown.
The Bank of England has unleashed another £150 billion of action to bolster the battered economy as it warned output will shrink again and not recover to pre-Covid levels until 2022.
The Bank of England has unleashed another £150 billion of action to bolster the battered economy and warned that output will fall in the final three months of 2020 as a result of the second lockdown.
The US economy grew at a record 33.1% annual rate in the July-September quarter but has yet to fully rebound from its plunge in the first half of the year, new figures show.
Economic growth in Scotland slowed in August compared to the previous month, according to the latest estimates.
Brexit cost for worst-hit Aberdeen already adds up to £9,000 for every resident, researchers calculate
A study of the Brexit damage being felt by the north-east economy suggests it is already the equivalent of £9,000 per head in worst-hit Aberdeen.