UK GDP fell 0.2 percent month-on-month in December, which was not as great a contraction as many had feared.

Combined with a downward revision to November’s estimate the UK economy is now at the same level as February 2020, the month before the pandemic hit. 

Dean Turner, an economist at UBS Global Wealth Management, remains largely positive.

“There could be some lingering weakness in the January figures but, looking beyond this, we expect spend...