The United Kingdom's economy grew by 0.9 percent in 2024, after a growth rate of 0.4 percent in 2023, 4.8 percent in 2022, 8.6 percent in 2021, and a record 10.3 percent fall in 2020. During the provided time period, the biggest annual fall in gross domestic product before 2020 occurred in 2009, when the UK economy contracted by 4.6 percent at the height of the global financial crisis of the late 2000s. Before 2021, the year with the highest annual GDP growth rate was 1973, when the UK economy grew by 6.5 percent. UK economy growing but GDP per capita falling In 2022, the UK's GDP per capita amounted to approximately 37,371 pounds, with this falling to 37,028 pounds in 2023, and 36,977 pounds in 2024. While the UK economy as a whole grew during this time, the UK's population grew at a faster rate, resulting in the negative growth in GDP per capita. This suggests the UK economy's struggles with productivity are not only stagnating, but getting worse. The relatively poor economic performance of the UK in recent years has not gone unnoticed by the electorate, with the economy consistently seen as the most important issue for voters since 2022. Recent shocks to UK economy In the second quarter of 2020, the UK economy shrank by a record 20.3 percent at the height of the COVID-19 pandemic. Although there was a relatively swift economic recovery initially, the economy has struggled to grow much beyond its pre-pandemic size, and was only around 3.1 percent larger in December 2024, when compared with December 2019. Although the labor market has generally been quite resilient during this time, a long twenty-month period between 2021 and 2023 saw prices rise faster than wages, and inflation surge to a high of 11.1 percent in October 2022.

The UK economy shrank by 0.1 percent in January 2025 after growing by 0.4 percent in December. Since a huge decline in GDP in April 2020, the UK economy has gradually recovered and is now around 3.4 percent larger than it was before the COVID-19 pandemic. After the initial recovery from the pandemic, however, the UK economy has effectively flatlined, fluctuating between low growth and small contractions since January 2022. Labour banking on growth to turn around fortunes in 2025 In February 2025, just over half a year after winning the last general election, the approval rating for the new Labour government fell to a low of -48 percent. Furthermore, the Prime Minister, Keir Starmer was not only less popular than the new Conservative leader, Kemi Badenoch, but also the leader of the Reform Party, Nigel Farage, whose party have surged in opinion polls recently. This remarkable decline in popularity for the new government is, in some part, due to a deliberate policy of making tough decisions early. Arguably, the most damaging of these policies was the withdrawal of the winter fuel allowance for some pensioners, although other factors such as a controversy about gifts and donations also hurt the government. While Labour aims to restore the UK's economic and political credibility in the long term, they will certainly hope for some good economic news sooner rather than later. Economy bounces back in 2024 after ending 2023 in recession Due to two consecutive quarters of negative economic growth, in late 2023 the UK economy ended the year in recession. After not growing at all in the second quarter of 2023, UK GDP fell by 0.1 percent in the third quarter, and then by 0.3 percent in the last quarter. For the whole of 2023, the economy grew by 0.4 percent compared to 2022, and for 2024 is forecast to have grown by 1.1 percent. During the first two quarters of 2024, UK GDP grew by 0.7 percent, and 0.4 percent, with this relatively strong growth followed by zero percent growth in the third quarter of the year. Although the economy had started to grow again by the time of the 2024 general election, this was not enough to save the Conservative government at the time. Despite usually seen as the best party for handling the economy, the Conservative's economic competency was behind that of Labour on the eve of the 2024 election.

The statistic shows the GDP of the United Kingdom between 1987 and 2023, with projections up until 2029, in US dollars.Private-sector-led economic recoveryGDP is counted among the primary indicators that are used to gauge the state of health of a national economy. GDP is the total value of all completed goods and services that have been produced within a country in a given period of time, usually a year. GDP figures allow us to gain a broader understanding of a country’s economy in a clear way. Real GDP, in a similar way, is also a rather useful indicator; this is a measurement that takes prices changes (inflation and deflation) into account, thereby acting as a key indicator for economic growth.The gross domestic product of the United Kingdom is beginning to show signs of recovery since seeing a sharp decline in the wake of the financial crisis. The decreasing unemployment rate in the United Kingdom is also indicating that the worst could be over for the country. However, some concerns have arisen about what forms of employment are being represented, how stable the jobs are, and whether or not they are simply being cited by officials in government as validation for reforms that are criticized by opponents as being ‘ideologically motivated’. Whatever the political motivation, the coalition government’s efforts to let the private sector lead the economic recovery through increasing employment in the UK in the private sector appear, for now at least, to be working.

The statistic shows GDP per capita in the United Kingdom from 1987 to 2020, with projections up until 2029. In 2020, GDP per capita in the United Kingdom was at around 40,230.55 US dollars. The same year, the total UK population amounted to about 67.26 million people. The United Kingdom is among the leading countries in a world GDP ranking.Falling unemployment in a time of recessionGDP is a useful indicator when it comes to measuring the state of a nation’s economy. GDP is the market value of all final goods and services produced within a country in a given period of time, usually a year. GDP per capita equals exactly the GDI (gross domestic income) per capita and is not a measure of an individual’s personal income.As can be seen clearly in the statistic, gross domestic product (GDP) per capita in the United Kingdom is beginning to increase, albeit not to pre-recession levels. The UK is beginning to see signs of an economic recovery, though as of yet it remains unclear what sort of recovery this is. Questions have been raised as to whether the growth being seen is the right sort of growth for a well balanced recovery across the necessary sectors. An interesting oddity occurred in the United Kingdom for nine months in 2012, which saw a decreasing unemployment occurring at the same time as dip in nationwide economic productivity. This seems like good - if not unusual - news, but could be indicative of people entering part-time employment. It could also suggest that labor productivity is falling, meaning that the UK would be less competitive as a nation. The figures continue to rise, however, with an increase in employment in the private sector. With the rate of inflation in the UK impacting everyone’s daily lives, it is becoming increasingly difficult for vulnerable groups to maintain a decent standard of living.

The economy of the United Kingdom is expected to fall by 35 percent in the second quarter of 2020, following the Coronavirus outbreak and closure of several businesses. According to the forecast the economy will bounce back in the third quarter of 2020, based on a scenario where the lockdown lasts for three months, with social distancing gradually phased out over a subsequent three-month period.

Construction output in the United Kingdom increased 0.20 percent in January of 2025 over the same month in the previous year. This dataset provides the latest reported value for - United Kingdom Construction Output - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Across the United States, the United Kingdom, Germany, and the European Union, gross domestic products (GDP) decreased in 2020 as a result of the COVID-19 pandemic. However, by 2021, growth rates were positive in all four areas again. The United Kingdom, Germany, and the European Union all experiencing slow economic growth in 2023 amid high inflation, with Germany even seeing an economic recession. GDP and its components GDP refers to the total market value of all goods and services that are produced within a country per year. It is composed of government spending, consumption, business investments and net exports. It is an important indicator to measure the economic strength of a country. Economists rely on a variety of factors when predicting future performance of the GDP. Inflation rate is one of the economic indicators providing insight into the future behavior of households, which make up a significant proportion of GDP. Projections are based on the past performance of such information. Future considerations Some factors can be more easily predicted than others. For example, projections of the annual inflation rate of the United States are easy to come by. However, the intensity and impact of something like Brexit is difficult to predict. Moreover, the occurrence and impact of events such as the COVID-19 pandemic and Russia's war in Ukraine is difficult to foresee. Hence, actual GDP growth may be higher or lower than the original estimates.

The Scottish economy, such as the United Kingdom (UK) economy, has been exposed to several adverse shocks over the past 5 years. Examples of these are the effect of the United Kingdom exiting the European Union (Brexit), the effects of the COVID-19 pandemic, and more recently Russia–Ukraine war, which can result in adverse direct and indirect economic losses across various sectors of the economy. These shocks disrupted the food and drink supply chains. The purpose of this article is 3-fold: (1) to explore the degree of resilience of the Scottish food and drink sector, (2) to estimate the effects on interconnected sectors of the economy, and (3) to estimate the economic losses, which is the financial value associated with the reduction in output. This article focuses on the impact that the sudden contraction that the “accommodation and food service activities”, resulting from the pandemic, had on the food and drink sectors. For this analysis, the study relied on the dynamic inoperability input–output model (DIIM), which takes into account the relationships across the different sectors of the Scottish economy over time. The results indicate that the accommodation and food service sector was the most affected by the COVID-19 pandemic lockdown contracting by approximately 60%. The DIIM shows that the disruption to this sector had a cascading effect on the remaining 17 sectors of the economy. The processed and preserved fish, fruits, and vegetable sector is the least resilient, while preserved meat and meat product sector is the most resilient to the final demand disruption in the accommodation and food service sector. The least economically affected sector was the other food product sector, while the other service sector had the highest economic loss. Although the soft drink sector had a slow recovery rate, economic losses were lower compared to the agricultural, fishery, and forestry sectors. From the policy perspective, stakeholders in the accommodation and food service sector should re-examine the sector and develop capacity against future pandemics. In addition, it is important for economic sectors to collaborate either vertically or horizontally by sharing information and risk to reduce the burden of future disruptions. Finally, the most vulnerable sectors of the economy, i.e., other service sectors should form a major part of government policy decision-making when planning against future pandemics.

In 2024, the annual unemployment rate of the United Kingdom is expected to be 4.3 percent, compared with four percent in 2023. Unemployment is forecast to fall to 4.1 percent in 2025, before falling again to four percent in 2026. A common indicator of an economy’s relative health, the unemployment rate has generally been falling in the United Kingdom since its 2011 peak of 8.1 percent. Uptick in unemployment in 2023 In the aftermath of the COVID-19 pandemic, the unemployment rate in the United Kingdom grew steadily, from just 3.9 percent at the start of 2020, to 5.1 percent by the end of the year. This was followed by a steep decline in unemployment that lasted until August 2022, when the unemployment rate was just 3.5 percent. There was a slight uptick in unemployment following this low, with the unemployment rate rising to 4.3 percent the following July. This has been matched by a fall in the number of UK job vacancies, which reached a peak of 1.3 million in May 2022, but has been falling in every subsequent month, with approximately 932,000 vacancies in January 2024. Other UK key economic indicators Although the UK's labor market was quite well protected from the economic fallout of the COVID-19 pandemic, other parts of the economy took a more severe hit. The initial lockdown measures resulted in a huge fall to UK GDP, in April 2020 which took over a year to reach its pre-pandemic size. Economic growth has remained sluggish ever since the initial recovery, with the UK economy alternating between weak growth and slight contractions. The UK even entered a technical recession at the end of 2023, following two quarters of negative growth. Inflation also skyrocketed from late 2021 onwards, reaching a peak of 11.1 percent in October 2022. Even one year after that peak, inflation has proven stubborn to get down, with a rate of 4.6 percent in October 2023.

In January 2025, the UK inflation rate was three percent, with prices rising fastest in the education sector, which had an inflation rate of 7.5 percent. In this month, prices were rising in all sectors, with the inflation rate for services as a whole at five percent, while for goods, prices grew by one percent. UK inflation falls in 2024 After reaching a peak of 11.1 percent in October 2022, the CPI inflation rate in the UK gradually declined over several months, falling to a low of 1.7 percent by August 2024. An uptick in inflation has occurred since that month, however, and by the end of the year inflation was at 2.5 percent above the Bank of England's target rate of two percent. Going into 2025, recent forecasts suggest that over the course of the year, inflation will average out at 2.6 percent, with the two percent target not met on an annual basis until at least 2029. Roots of the inflation crisis This long period of high inflation that the UK and much of the world experienced had its roots in the post-pandemic economic recovery of 2021. During that year, as consumer demand returned, global supply chains struggled to return to full capacity, resulting in prices rising. With inflation already elevated going into 2022, Russia's invasion of Ukraine added even more inflationary pressures to the global economy. European markets which were heavily reliant on Russian oil and gas gradually phased out hydrocarbons from their economies. Food prices were also heavily impacted due to Ukraine's difficulty in exporting its agricultural products.

The financial and operational success of property development markets depends on a range of socio-economic factors, such as property values, market sentiment and credit conditions. Building project developers' revenue is forecast to slide at a compound annual rate of 3.2% to £35.8 billion over the five years through 2024-25. The economic shock caused by the pandemic had a devastating impact on property development market in 2020-21. Severe supply chain and market disruption caused sentiment to wane and transaction activity fell, while property values initially depreciated and rental fee income stalled. Revenue rebounded in 2021-22, aided by low interest rates, house price inflation and a stronger than anticipated initial economic recovery from the pandemic. Nonetheless, revenue remained below pre-pandemic levels as growth was hindered by a further net deficit on revaluation of assets and lower rental income in office and brick-and-mortar retail markets. The fallout from the pandemic has caused developers to re-align investment towards lower-risk real estate markets which are likely to be more resilient to price shocks. Inaflationary pressures and rising interest rates spurred a further hit to portfolio valuations, discouraging developers from pursuing new developments. Revenue is forecast to grow by 2.5% in the current year, as interest rate cuts spur renewed growth in property values. Revenue is slated to climb at a compound annual rate of 1.3% to reach £38.2 billion over the five years through 2029-30. Following recent interest rate cuts, more stable economic conditions are set to continue to support improved sentiment in the near-term, spurring developers to pursue new ventures. Opportunities for growth are set to be most prominent in high-yield office markets and the technology sector, with growing use of artificial intelligence set to drive demand for the development and construction of data centres. Loosened planning policy is set to drive momentum in residential real estate markets, though more will need to be done for the government to achieve ambitious housebuilding targets.

A recent analysis on the impact of Brexit suggests that in 2023, the United Kingdom's economy was 2.5 percent smaller than it would have been in a base scenario where the UK never left the EU. The estimated hit to the UK's gross domestic product (GDP) increases to three percent in 2024, and to 3.2 percent by 2025 in this forecast. UK economy starts 2024 strongly As of March 2024, the UK economy is approximately 2.6 percent larger than it was just before the COVID-19 pandemic, which delivered a sudden and severe economic shock to the country in early 2020. While the initial bounce back from this collapse was robust, the recovery slowed by the end of 2020, and it wasn't until late 2021 that the economy returned to its pre-pandemic size. Throughout 2022 and 2023, the economy continued to struggle, and even experienced a recession at the end of 2023. In the first quarter of 2024, however, the UK economy grew by 0.6 percent, the fastest quarterly growth since late 2021, and a potential sign that the UK economy has turned a corner. How voters feel about Brexit in 2024 Since the middle of 2021, a growing majority of voters in Britain have advised that they think Brexit was the wrong decision. As of May 2024, around 55 percent thought it was wrong to leave the EU, compared with just 43 percent in April 2021. By comparison, the share of Britons who think Brexit was the right decision has fallen from 46 percent to 31 percent in the same time period. Voters are, however, still quite divided on what relationship they want with the EU, with only 31 percent supporting rejoining completely. Furthermore, Brexit has fallen behind other issues for voters such as the economy, the NHS, and immigration and will play a much smaller role in the 2024 election than it did in 2019.

A Licence is a geographically defined area for prospecting, exploration or extraction of petroleum resources. The North Sea Transition Authority’s licensing system covers oil and gas within Great Britain, its territorial sea and on the UK Continental Shelf (UKCS).
The Petroleum Act 1998 vests all rights to the nation’s petroleum resources in the Crown, but the NSTA can grant licences that confer exclusive rights to ‘search and bore for and get’ petroleum.
Licences fall into several categories. The principal distinctions are between onshore and offshore licences, and between exploration licences (which cover exploration alone) and production licences (which cover both exploration and production). The NSTA has discretion in the granting of licences to help maximise the economic recovery of the UK’s oil and gas resources.
Licence data is represented by 3 different datasets; Licences, Licence Blocks and Sub Areas. Licence polygons represent the whole licence and have one polygon per licence. Licenced Blocks and Sub areas represent finer divisions of these licences and may have many polygons per licence. Most Licenced Blocks are split with several sub areas, sometimes with differing operators and beneficiaries.

From 2003 to 2025, the central banks of the United States, United Kingdom, and European Union exhibited remarkably similar interest rate patterns, reflecting shared global economic conditions. In the early 2000s, rates were initially low to stimulate growth, then increased as economies showed signs of overheating prior to 2008. The financial crisis that year prompted sharp rate cuts to near-zero levels, which persisted for an extended period to support economic recovery. The COVID-19 pandemic in 2020 led to further rate reductions to historic lows, aiming to mitigate economic fallout. However, surging inflation in 2022 triggered a dramatic policy shift, with the Federal Reserve, Bank of England, and European Central Bank significantly raising rates to curb price pressures. As inflation stabilized in late 2023 and early 2024, the ECB and Bank of England initiated rate cuts by mid-2024, and the Federal Reserve also implemented its first cut in three years, with forecasts suggesting a gradual decrease in all major interest rates between 2025 and 2026. Divergent approaches within the European Union While the ECB sets a benchmark rate for the Eurozone, individual EU countries have adopted diverse strategies to address their unique economic circumstances. For instance, Hungary set the highest rate in the EU at 13 percent in September 2023, gradually reducing it to 6.5 percent by October 2024. In contrast, Sweden implemented more aggressive cuts, lowering its rate to 2.25 percent by February 2025, the lowest among EU members. These variations highlight the complex economic landscape that European central banks must navigate, balancing inflation control with economic growth support. Global context and future outlook The interest rate changes in major economies have had far-reaching effects on global financial markets. Government bond yields, for example, reflect these policy shifts and investor sentiment. As of June 2024, the United States had the highest 10-year government bond yield among developed economies at 4.09 percent, while Switzerland had the lowest at 0.69 percent. These rates serve as important benchmarks for borrowing costs and economic expectations worldwide.

As of January 29, 2025, the FTSE index stood at 8,557.81 points - well above its average value of around 7,500 points in the past few years.On the 12th of March 2020, amid the escalating crisis surrounding the coronavirus and fears of a global recession, the FTSE 100 suffered the second largest one day crash in its history and the biggest since the 1987 market crash. On the 23rd of March, the FTSE index saw its lowest value this year to date at 4,993.89 but has since began a tentative recovery. With the continuation of the pandemic, the FTSE 100 index was making a tentative recovery between late March 2020 and early June 2020. Since then the FSTE 100 index had plateaued towards the end of July, before starting a tentative upward trend in November. FTSE 100 The Financial Times Stock Exchange 100 Index, otherwise known as the FTSE 100 Index is a share index of the 100 largest companies trading on the London Stock Exchange in terms of market capitalization. At the end of March 2024, the largest company trading on the LSE was Shell. The largest ever initial public offering (IPO) on the LSE was Glencore International plc. European stock exchanges While nearly every country in Europe has a stock exchange, only five are considered major, and have a market capital of over one trillion U.S dollars. European stock exchanges make up two of the top ten major stock markets in the world. Europe’s biggest stock exchange is the Euronext which combines seven markets based in Belgium, France, England, Ireland, the Netherlands, Norway, and Portugal.

Revenue is projected to drop at a compound annual rate of 0.7% to £8.6 billion over the five years through 2024-25, including a 3.3% decline in 2024-25. Despite heightened environmental concerns, household recycling rates have stagnated and the prices of recovered materials have been put under pressure. The prices of essential commodities dictate the prices of recovered materials (think metals, glass, paper and plastics), which are often volatile. Gate fees have steadily increased, boosting their share of revenue. Local authorities are the largest market for the industry; however, some authorities do not pay gate fees, constraining revenue. Greater environmental concerns have subdued the volume of waste generated by businesses, reducing recycling volumes and industry revenue.

The COVID-19 pandemic and related restrictions depressed the amount of waste generated by industrial, commercial and construction companies. Rising household waste, while people stayed at home in line with government restrictions, limited this impact. As restrictions were lifted, recovering activity in key sectors spiked the need for material recovery. Intense inflationary pressures constrained economic activity and consumer spending, while volatile commodity prices hindered revenue and profitability. Revenue is falling in 2024-25 due to the low value of recovered and recycled materials compounded by dropping household recycling rates.

The delay of the extended producer responsibility for packaging scheme from October 2024 to October 2025 will set the industry back as the growth it provides is delayed. Revenue will remain subdued, rising at a projected compound annual rate of 0.9% over the five years through 2029-30 to £8.9 billion. Increased capacity at materials recovery facilities and rising environmental awareness will benefit demand. While domestic recycling rates have stagnated, rising landfill rates are expected to boost commercial recycling. Investment in automated processes is predicted to push up the average profit margin.

The increase in the extent of working-from-home determined by the COVID-19 health crisis has led to a substantial shift of economic activity across geographical areas; which we refer to as a Zoomshock. When a person works from home rather than at the office, their work-related consumption of goods and services provided by the locally consumed service industries will take place where they live, not where they work. Much of the clientèle of restaurants, coffee bars, pubs, hair stylists, health clubs, taxi providers and the like located near workplaces is transferred to establishment located near where people live. These data are our calculations of the Zoomshock at the MSOA level. They reflect estimats of the change in the number of people working in UK neighbourhoods due to home-working.

The COVID-19 shutdown is not affecting all parts of the UK equally. Economic activity in local consumer service industries (LCSI), such as retail outlets, restaurants, hairdressers, or gardeners has all but stopped; other industries are less affected. These differences among industries and their varying importance across local economies means recovery will be sensitive to local economic conditions and will not be geographically uniform: some neighbourhoods face a higher recovery risk of not being able to return to pre-shutdown levels of economic activity. This recovery risk is the product of two variables. The first is the shock, the effect of the shutdown on local household incomes. The second is the multiplier, the effect on LCSI economic activity following a negative shock to household incomes. In neighbourhoods where many households rely on the LCSI sector as a primary source of income the multiplier may be particularly large, and these neighbourhoods are vulnerable to a vicious circle of reduced spending and reduced incomes. This project will produce data measuring the shock, the multiplier, and the COVID-19 shutdown recovery risk for UK neighbourhoods. These variables will be estimated using individual and firm level information from national surveys and administrative data. The dataset, and corresponding policy report, will be made public and proactively disseminated to guide local and national policy design. Recovery inequality is likely to be substantial: absent intervention, existing regional inequalities may be exacerbated. This research will provide a timely and necessary input into designing appropriate recovery policy.

Introduction: The recovery approach aims to have users' perspectives at the heart of service development and research; it is a holistic perspective that considers social needs, personal growth and inclusion. In the last decade recovery-oriented research and practice has increased greatly, however, a comprehensive model of recovery considering exclusively the perspectives of people with lived experience has not been devised.Aims: This review aimed to develop a framework and contextualize service users' and informal caregivers' understanding of recovery from severe mental health problems.Methods: We systematically searched 6 databases including key terms related to knowledge, experience and narratives AND mental health AND personal recovery. The search was supplemented with reference sourcing through gray literature, reference tracking and expert consultation. Data analysis consisted of a qualitative meta-synthesis using constant comparative methods.Results: Sixty-two studies were analyzed. A pattern emerged regarding the recovery paradigms that the studies used to frame their findings. The resulting recovery framework included the domains Social recovery; Prosperity (Legal, political, and economic recovery); Individual Recovery; and Clinical Recovery Experience (SPICE). Service users' definitions of recovery tended to prioritize social aspects, particularly being accepted and connecting with others, while caregivers focused instead on clinical definitions of recovery such as symptom remission. Both groups emphasized individual aspects such as becoming self-sufficient and achieving personal goals, which was strongly linked with having economic means for independence.Conclusions: The recovery model provided by this review offers a template for further research in the field and a guide for policy and practice. Predominant definitions of recovery currently reflect understandings of mental health which focus on an individual perspective, while this review found an important emphasis on socio-political aspects. At the same time, only a small number of studies took place in low-income countries, focused on minoritized populations, or included caregivers' perspectives. These are important gaps in the literature that require further attention.Systematic Review Registration: The review protocol was registered on PROSPERO (CRD42017076450); https://www.crd.york.ac.uk/prospero/display_record.php?RecordID=76450.