The UK economy returned to growth in February, expanding by an estimated 0.4% even as nationwide lockdowns remained in place, although GDP output remained 7.8% below a year earlier, according to the latest figures.
UK GDP was 1.2% higher in December 2020 as eased lockdown restrictions for the month helped to bring total growth for the fourth quarter of the year to 1% overall, according to the latest Office for National Statistics (ONS) data.
The Bank of England (BoE) has voted unanimously to increase its purchase of UK government bonds by £150bn and to maintain rates at 0.1%, shunning rumours of a move towards negative interest rates.
UK gross domestic product (GDP) contracted in the second quarter for the first time since 2012, the Office for National Statistics said in its latest report, meaning the UK is only one negative quarter away from a recession.
The Office for Budget Responsibility (OBR) has revised up the UK's GDP growth forecast for 2018 in today's inaugural Spring Statement, while forecasting inflation will fall to 2% by the end of 2018.
The UK economy beat forecasts to grow by 0.4% in Q3, according to the latest figures from the Office for National Statistics (ONS), further increasing the likelihood of a Bank of England interest rate rise next Thursday.
Policy changes will result in an extra three million retirees on inadequate incomes by 2060 on top of the 12.2 million already forecast, according to research.