Analysis: stronger than expected first quarter means more chunky increases in GDP on cards as Covid controls ease

In normal circumstances, news that the UK economy had contracted by 1.5% in the would be considered deeply concerning. Falls of that size only tend to happen in the most severe recessions.

Yet the early months of this year were anything but normal. A new wave of the Covid-19 pandemic meant the country started 2021 in lockdown and it remained that way until restrictions were slightly eased in March. Simultaneously, new trade rules with the EU came into force.