UK GDP defied Delta and Omicron to rise 7.5% over 2021

Highest rate since 1940

James Baxter-Derrington
clock • 1 min read

UK GDP rose 7.5% over the course of 2021, defying the year’s three-month opening lockdown and emerging variants to record the highest rate of growth since 1940.

This increase followed a record 9.4% decline in 2020, as a result of the onset of lockdowns and the pandemic. Despite a variety of restrictions across the home nations, GDP only dropped slightly in December, down 0.2% for the month, less than the consensus 0.5% expectations. Monetary mistake? BoE raises rates with a 'hawkish twist' Emma Mogford, fund manager at Premier Miton Investors, described this as an "encouraging sign for the health of the economy", adding the "self-imposed protect Christmas" lockdown had only a "mild impact" on December growth. Daniel Casali, chief invest...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Economics / Markets

BoE's Alan Taylor: Extended interest rate hold an 'appropriately measured policy response'

BoE's Alan Taylor: Extended interest rate hold an 'appropriately measured policy response'

Geopolitics in the driving seat

Michael Nelson
clock 25 June 2026 • 2 min read
Advisers highlight uncertain political and fiscal future after Starmer resignation

Advisers highlight uncertain political and fiscal future after Starmer resignation

Prime minister’s exit places chancellor Rachel Reeves’ position ‘inevitably’ under scrutiny

Isabel Baxter
clock 22 June 2026 • 5 min read
OBR independence 'a major advantage' for UK economy

OBR independence 'a major advantage' for UK economy

Treasury Committee hearing

Alex Sebastian
clock 20 May 2026 • 4 min read