Omicron likely to slow UK bounceback from Covid shock to economy

Analysis: after a V-shaped recession, variant's impact will put the brakes on - with a double whammy due in April

• UK economy back to pre-pandemic levels in November
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It has taken a year and a half but the UK economy has regained the ground lost during the early stages of the Covid-19 pandemic. A better than anticipated performance last November means national output is now 0.7% higher than it was in February 2020.

Other countries reached this milestone sooner, with the US, for example, already operating well above its previous peak. Even so, Britain has experienced what economists call a V-shaped recession, with a precipitous drop in activity in March and April 2020 followed by a brisk - if occasionally interrupted - recovery.