Chancellor provides economic update

Released 11 January 2021

The Chancellor of the Exchequer, Rishi Sunak, has provided an update on the economy and comprehensive economic plan.

According to the report, GDP fell by 18.8% in the second quarter of 2020, and while the economy grew as the country opened up over the Summer, it remained 6.7 percent smaller than it was before the crisis. The OBR’s November forecast showed GDP falling again in the final quarter of last year, and also forecast the largest fall in annual output for over 300 years.

Further details, including information on coronavirus-related business support measures, can be found in the Economic Update speech.

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