The Bank of England became the first major central bank to raise rates since the pandemic struck. It judged that rising inflation outweighed concerns over an Omicron-induced slowdown. In the meantime, COVID cases have leapt, prompting new restrictions and speculation of much more to come.
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Vaccine effectiveness and the degree of transmissibility of the Omicron variant are still under investigation. In the meantime, the spread is quick–UK has detected 160 cases. Tighter rules and changes in behaviour are already affecting the near-term economic outlook. But it’s too early to conclude if the new variant is a game-changer.
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