UK economy sees stronger rebound in fourth quarter, but household savings drop
The Independent says the UK economy grew at a faster pace than first thought in the final three months of 2021 despite the spread of the Omicron variant of coronavirus, according to official figures.
The Office for National Statistics (ONS) said economic growth accelerated to 1.3% in the fourth quarter of the year, compared with the initial estimate of 1%.
It marked a bounceback on downwardly revised growth of 0.9% in the third quarter of last year.
But the Bank of England and Office for Budget Responsibility (OBR) have forecast a hit to growth this year and next as the Ukraine crisis heightens the cost-of-living squeeze, with households and businesses expected to rein in their spending as prices soar.
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