The double dip recession is off.
The GDP figures are in for the final three months of 2020 and the UK economy grew by 1%, according to the ONS, despite widespread expectations that it would shrink again.
This means that even if the latest – and hopefully last – lockdown shrinks the economy in the first quarter of 2021 then we will avoid the dreaded double-dip – as you need two consecutive quarters of negative growth (forgive the economics speak) for a recession.
Of course, we don’t know when this lockdown will end or how heavy an impact it will have on the economy, so what happens in the first half of 2021 is up in the air.
But why didn’t GDP fall in the final stretch of last year, is there any way we could we claw our way to growth in the first chunk of this year, and how bad was the coronavirus year of 2020 for the UK?
On this week’s podcast, Georgie Frost, George Nixon and Simon Lambert dive into the GDP numbers to take a look at what this all means.
Also on the show, are we finally going to see an end to the scam refund lottery from banks for those conned into sending money to fraudsters, George explains what people need to know about that and also the issue of disabled children child trust funds.
Plus, why has Tesla bought bitcoin, what does it mean and what on earth is Elon Musk playing at with his crypto tweets at the moment.
And finally, should you head for Oxbury Bank – the farmer-focussed lender with a new top savings rate?