Economy goes into reverse

The 1-minute read to get the money news you need.

GDP shrank in January

The economy went into reverse in January as the latest lockdown restrictions took effect and trade slumped after Brexit. GDP took a 2.8% hit according to the Office for National Statistics, less than the 4.9% experts had feared. We’re likely to see a decline for the first quarter of 2021 caused by the double whammy of coronavirus and Brexit disruption.

Wales & Scotland relax rules

Lockdown restrictions are gradually being eased in some places. In Scotland, groups of 4 can now meet up outdoors. It’ll be the same in Wales from tomorrow, plus you’ll be able to get a haircut or play a round of golf.

Insurance claims stall

Car insurance claims fell by a fifth in 2020, according to the Association of British Insurers. It’s because there were fewer cars on the road. With fewer accidents, premiums are also idling at a 4-year low.

Post on Sundays?

Royal Mail is trialling Sunday parcel deliveries in a bid to match rivals like DPD and Hermes. The online shopping boom caused by the pandemic has seen a surge in demand for delivery services - and Royal Mail has struggled to keep up.