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January 2021 UK Economic Outlook

January 2021 UK Economic Outlook

January 2021 UK Economic Outlook

In our latest UK Economic Outlook, we look at the impact the latest lockdown could have on the economy and what different pandemic scenarios would mean for the economy.

While the UK continues to experience restrictions, there is a potential light at the end of the tunnel with the prospect of vaccines reaching all vulnerable groups by April. This could herald a gradual easing of social restrictions with a return to ‘normal’ by autumn.

In our January report, we look at the outlook for the UK economy into 2021 and 2022. We consider what economic growth, inflation and unemployment could look like under different pandemic scenarios. And we discuss the pressure on public finances and outlook for government borrowing. 

Read the UK Economic Outlook January 2021 report

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GDP
-9.7%
2020
4.2%
2021
5.5%
2022
Inflation vs interest rate (end-of-year)
0.9%
0.1%
2020
1.5%
0.1%
2021
1.7%
0.1%
2022
Unemployment rate
4.5%
2020
6%
2021
5.9%
2022