Expansion in second half of 2020 and increase in household savings raise hopes for recovery this year
Britain’s recovery during the second half of last year was stronger than first estimated, according to official figures that also showed households put away more money in savings accounts than previous data suggested.
In a series of revisions to its data covering the Covid 19 pandemic, the Office for National Statistics said the economy expanded by 16.9% and 1.3% in the third and fourth quarters of 2020 respectively. This marked steep increases on initial estimates of 16.1% and 1%.
