UK economy expands at fastest rate in 80 years
Last year, the U.K. economy expanded at the fastest pace since World War II. This comes after the economy suffered a milder hit than expected in December. The economy expanded 7.5% and was the largest since 1941 and made Britain the fastest growing advanced economy in 2021.
The U.K. economy had a deeper recession during the pandemic than its peers. The economy contracted 9.4% in 2020, but the U.K has had a stronger recovery. Billions of pounds of government aid to support jobs and firms through the crisis have helped the recovery and allowed the economy to bounce back. The economy is also expected to outperform other Group of Seven nations this year.