![]() ![]() There remains a great deal of uncertainty over the path of the Omicron wave and by extension its economic impact. The survey, conducted 6-14 December, also showed private sector growth expectations for the coming year were at their lowest since October 2020. This includes a decline in retail footfall and cancellations of bookings in the hospitality sector.Ī closely-watched business survey, the IHS Markit purchasing managers’ index, reported a steep drop in spending on services by households. The economic impact of these measures needs to be considered alongside factors such as changes to consumer confidence and behaviour, as well as effects linked to rising numbers of people having to self-isolate.Īt the time of publication, early evidence suggests negative economic effects are already being felt. The surge in Covid-19 cases seen in December 2021, caused by the spread of the Omicron variant of coronavirus, has led to the UK Government and the devolved administrations to introduce restrictions to limit transmission of the virus. ![]() From lockdown restrictions shutting down many businesses to limits on mobility, the economic impact has been severe. The coronavirus pandemic has impacted the economy in many ways. The Library intends to update this briefing. This is a fast-moving area, so please be aware that information may have changed since the date of publication. ![]() This briefing was last updated on 17 December. ![]()
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