"Data released yesterday for economic activity in January showed that the effect on the economy from the Omicron variant will be moderate. It is predicted that the imposition of Plan B of the Government’s strategy will cost less than 1% of GDP.

The report also showed that costs continue to rise at near record levels. This reinforces the view that the Bank of England will again hike rates at its meeting next week.

One piece of good news is that pressure on supply chains appears to be past its worst. While headline inflation is expected to continue to increase in the first quarter, the report reinforces the view that price pressures will begin to slow from April onwards.

Prime Minister Boris Johnson has adopted a business-as-usual approach while he anxiously awaits the outcome of the investigation into activity in Downing Street during the first lockdown.

Yesterday, it appeared that there was a gathering to celebrate Johnson's birthday, held in June 2020. It is apparent that the event was attended by around thirty staffers and lasted up to an hour.

"

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