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November 2020 UK Economic Outlook

November 2020 UK Economic Outlook

November 2020 UK Economic Outlook

In our latest UK Economic Outlook, we reflect on the past year – one that has been nothing like most of us would have anticipated, and look ahead to what we can expect in 2021.

Some of the changes we have experienced as a result of the pandemic are likely to become the new normal post-COVID. That will impact sectors in different ways.

While the UK continues to experience restrictions as a second wave hits the country, there is a potential light at the end of the tunnel in the news of potential approved vaccines. That raises the likelihood that restrictions could be lifted by late spring, bringing a much-needed boost to the economy.

In our November report, we look at the outlook for the UK economy into 2021 and 2022. We consider what unemployment could look like, taking into account the extension of the Job Retention Scheme. And we discuss the likely impact of Brexit on the economic recovery. 

Read the UK Economic Outlook November 2020 report

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GDP
-11.2%
2020
7.2%
2021
4.9%
2022
Inflation vs interest rate (end-of-year)
0.9%
0.1%
2020
1.4%
0%
2021
1.9%
0.25%
2022
Unemployment rate
4.7%
2020
7.3%
2021
6.8%
2022