United Kingdom Suffers Worst Annual Contraction Since Year 1709


Consequently, England re-imposed stricter lockdown and the country’s officials said that they won’t be lifting the nationwide lockdown anytime soon. Meanwhile, British Prime Minister Boris Johnson said Wednesday that 1 in 4 adults have received their first dose of the Covid vaccine — making it 13 million vaccinated adults.

“The tighter restrictions imposed towards the end of last year, which are likely to remain in place for much of the current quarter, suggest that the economy may shrink again,” said Dean Turner, economist at UBS Global Wealth Management.

“However, what is clear from the data is the resilience and adaptability of firms and households, so any contraction will be modest. As and when restrictions are eased, we continue to expect a vigorous rebound in the economy.” He added.

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