UK GDP shrinks 2.9% amid COVID lockdown; Brexit cuts exports
The British economy shrank 2.9% in January as the nation was hit by a new round of coronavirus restrictions and Brexit slashed exports to the European Union
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.The British economy shrank 2.9% in January as the nation was hit by a new round of coronavirus restrictions and Brexit slashed exports to the European Union
The Office for National Statistics said Friday that the drop in gross domestic product was fueled by declines in retail trade and education as efforts to slow the spread of COVID-19 shut nonessential shops and schools across the U.K. Britain’s economy is about 9% smaller than it was before the coronavirus pandemic began in February 2020, the ONS said.
Manufacturing declined for the first time since April, driven by a drop in exports as the nation felt the full effects of its departure from the EU for the first time after transitional arrangements ended Dec. 31, the ONS said.
Exports of goods to the EU plunged almost 41% in January, while imports from the bloc dropped 28.8%, the ONS reported.
Britain’s decision to leave the EU ended more than 40 years of free trade with the 27-nation bloc and its 450 million people. Shipments between Britain and the EU are now subject to tariffs, border checks and increased paperwork that have curtailed trade.
___
Follow al AP stories on Brexit at https://apnews.com/Brexit.