UK Economy bounces back from omicron wave in January

The Office for National Statistics (ONS) on Friday, reported that the UK economy grew by 0.8 per cent in January after falling by 0.2 per cent in December 2021.

The failure was caused by the presence of the Omicron variant of the coronavirus.

“Gross domestic product (GDP) bounced back in January 2022, increasing by 0.8 per cent after falling by 0.2 per cent in December 2021.

“This happened when the Omicron variant of the coronavirus (COVID-19) and Plan B restrictions had a more significant impact,” the ONS said.

According to the government’s body, the GDP is now 0.8 per cent above its pre-coronavirus level (February 2020).

Reacting to the report, the Chancellor of the Exchequer said the UK economy is now in a strong position because of the unprecedented support provided by the government throughout the COVID-19 pandemic.

UK Finance Minister Rishi Sunak said however, that Russia’s ongoing military operation in Ukraine was creating significant economic uncertainty and the government would continue to monitor its impact on the UK.