Britain’s Economy Contracted Less Than Expected in January

Official data revealed today that Britain’s economy shrank by 2.9% in January compared to December, a less severe pace than expected, as the country again entered into general isolation measures aimed at combating the spread of the Coronavirus.

Economists polled by Reuters had expected a contraction of 4.9%.

The Bank of England said last month that the country’s economy would likely contract 4% in Q1 2021, mostly due to the latest lockdown but also because of disruptions from new post-Brexit rules to trade with the European Union.