The UK economy recorded a 1% advance in the fourth quarter of 2020 - better than expectations of 0.5% growth but don’t get the celebrations started just yet. As a whole the UK economy collapsed by close to 10% over the course of 2020 which is among the worst of all G7 nations, reflective of the ravaging effects of lockdowns and the obvious trade tensions in the run up to the Brexit deadline last year. It must come as some relief that the quarterly print was not negative as inevitably this current quarter will likely be, as that would have resulted in a double dip recession. We will need to see an end to lockdowns and restrictions before growth begins its natural ascendency. Thankfully as the impressive pace of vaccine rollout in the UK takes hold, it has to be the more likely outlook that growth will come roaring back, but a note of caution that, in our view, is still one to two quarters away.