British economy news

Here are some recent news articles and updates about the British economy:

Brexit and Trade

• The UK and EU have agreed on a new trade deal, which will come into effect on January 1, 2021. The deal aims to reduce tariffs and increase trade between the two sides. (BBC News)
• The UK's Office for Budget Responsibility (OBR) has warned that the country's economy could shrink by 2.6% in 2021 due to the impact of Brexit and the COVID-19 pandemic. (The Guardian)

Economic Growth

• The UK's economy grew by 0.1% in the third quarter of 2020, according to the ONS. This is a slower pace of growth than expected, and is attributed to the ongoing impact of the pandemic. (BBC News)
• The Bank of England has forecast that the UK's economy will grow by 1.3% in 2021, which is slower than previously expected. (The Telegraph)

Inflation

• The UK's inflation rate rose to 0.6% in November, up from 0.5% in October. This is due to a rise in prices for food and clothing. (BBC News)
• The Bank of England has warned that inflation could rise above its 2% target in the coming months due to the impact of the pandemic on global supply chains. (The Times)

Unemployment

• The UK's unemployment rate rose to 4.9% in the three months to October, up from 4.8% in the previous quarter. This is the highest level since 2016. (BBC News)
• The number of people claiming unemployment benefits in the UK has risen by 125,000 to 2.6 million, according to the ONS. (The Guardian)

Fiscal Policy

• The UK government has announced a new budget for 2021, which includes a package of measures to support the economy during the pandemic. The budget includes a £4.3 billion package of support for businesses and a £1.1 billion package of support for the self-employed. (BBC News)
• The OBR has warned that the UK's public finances are at risk due to the impact of the pandemic on tax revenues and government spending. (The Times)

Other News

• The UK's services sector, which accounts for around 80% of the country's economy, has seen a significant decline in activity due to the pandemic. (The Financial Times)
• The UK's manufacturing sector has seen a slight increase in activity in recent months, but is still below pre-pandemic levels. (The Telegraph)