New Coronavirus restrictions could cost the UK economy £2bn, says IEA economist

Julian Jessop comments for The Times

Julian Jessop, IEA Economics Fellow, has commented in the Times on the economic impact of the latest round of Covid restrictions, following the emergence of the Omicron variant.

“The pingdemic in July probably reduced UK GDP by about 0.5 per cent that month.” He said that the impact of a repeat could be greater in school term time and when labour shortages are a bigger problem and that “the new self-isolation rules could knock as much as 1 per cent off GDP in December, costing the economy at least £2 billion”.

Read the full article here.