Fastest growth since WW2

This week’s biggest economic news came first thing this morning with the ONS (Office for National Statistics) releasing figures showing surprisingly strong economic growth for the UK in 2021.

Most headlines picked up on the fact that this was the strongest rebound since World War Two. The key figure being that GDP expanded by 7.5%. The last time the UK saw this level of growth was in 1941.

These figures show that the economy weathered the ‘omicron factor’ in a resilient way, not taking as big a hit as many forecasters predicted.

In the world of currencies, the Pound started recovering from its slight dip against the Euro, ending the week on £1: €1.19, up from last Friday but down from the almost 2 year high we saw a fortnight ago. Against the dollar, it gained one point over the week and is now sitting at £1: $1.36.

Previous updates...

BoE Governor: Expect 13%+ Inflation and a Recession!

BoE Governor: Expect 13%+ Inflation and a Recession!

The key update of the week is that the Bank of England has increased its interest rate by 0.5%, the largest increase since the Bank’s operational independence in 1997.  The rate rise comes on the back of a dismal economic forecast by the BoE that forecasted inflation rates of 13%

Fears of recession loom as inflation spirals and confidence declines

Fears of recession loom as inflation spirals and confidence declines

This week has been dominated by the fears of a looming recession following the release of key GDP and confidence data. Significant news was released on Thursday when it emerged that the US economy shrank for a second consecutive quarter. This technical recession is due to a 0.9% GDP contraction

Interest rate rises in the Eurozone & Canada

Interest rate rises in the Eurozone & Canada

It has been a big week in the EU with plenty of data and political action. The ECB has increased interest rates by 0.5%, the first rate rise in the Eurozone since 2011. It comes at a time when inflation has hit record highs of 8.6% and the economic gulf

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