UK GDP contraction largest on record

UK GDP contraction largest on record

According to ONS data released today, UK GDP shrank by 9.9% in 2020, the largest annual fall on record. However in the last quarter of the year it is estimated that GDP grew by 1.0%.

UK and European markets have stalled a little following a strong rally earlier in the month.

The UK and EU are deadlocked over how the Brexit trade deal will be implemented. The major issue concerns trade, particularly regarding N. Ireland.

Optimism over a new stimulus package in the US, positive earnings reports and the slowing coronavirus infection numbers are currently providing support for sentiment.

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