UK Q3 growth revised upwards to 16 per cent but recovery stalls in October
The UK grew only 0.4 per cent in October as the reintroduction of restrictions across the country took their toll on the economic recovery.
In the same release, the Office for National Statistics revised their estimate of GDP growth in Q3, however, to 16 per cent.
Read more: UK borrowing hits third highest monthly level ever
That period covers the reopening of much of Britain’s economy, including leisure and hospitality, before local and then effectively national lockdowns choked off growth towards the end of the year.
The economy remains 7.9 per cent lower than the levels seen in February 2020 before the impact of the Covid-19 pandemic began to be felt.
Figures released today also show the UK Government borrowed more than £30bn in November, the third highest total on record.
The UK is expected to borrow almost £400bn this year.
Quilter’s Hinesh Patel said: “The absence of government spending in this moment could spell disaster and have ramifications for years to come.
“Thanks to the furlough scheme, unemployment remains at just 4.9 per cent, only 1.2 per cent higher than the same time last year, which is remarkable when you consider that there will be some businesses that haven’t opened their doors at all since late March,” he continued.