How, in the three months to November UK GDP fell by 0.3%
The first month of the new financial year saw GDP fall by 0.3%
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 Treasury Committee has written to the Financial Conduct Authority (FCA) to ask for publication of analysis on the impact leaving the European Union is likely to have on the regulator.
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.
Andrew Milligan takes a look at the macro-economic environment and how it could develop.