UK Economy Sees Stronger Rebound in Fourth Quarter, but Household Savings Drop

Commuters, some wearing face coverings due to COVID-19, exit a London Overground train service from Walthamstow, after arriving at Liverpool Street station in London on March 1, 2022. Tolga Akmen /AFP via Getty Images

The UK economy grew at a faster pace than first thought in the final three months of 2021 despite the spread of the Omicron variant of coronavirus, according to official figures.

The Office for National Statistics (ONS) said economic growth accelerated to 1.3 percent in the fourth quarter of the year, compared with the initial estimate of 1 percent.