IoD: November’s data shows this is an economy that fundamentally “wants to recover”

Commenting on ONS data that shows GDP rising by 0.9% in November 2021 to above its pre-pandemic level, Kitty Ussher, Chief Economist at the Institute of Directors, said: 

“Today’s data shows that people were in a mood to spend in the early run-up to Christmas, and confirms the strong results posted by some large retailers in recent days. 

“Although the data doesn’t cover the change in behaviour caused by the Omicron variant it nevertheless demonstrates that fundamentally this is an economy that wants to recover.  

“Risks to that recovery aside from the effects of Omicron come from the rising costs to businesses and households that are expected in future months such as from the increase in National Insurance. It’s also a notable irony that the work of the NHS Track and Trace service is now in itself visible in the data as contributing to our economic recovery from the pandemic.”