The UK economy shrank by 9.9 percent last year as a result of the corona crisis. That is the most significant contraction since 1709 when a freezing cold and long winter hit Europe.
The lockdowns and travel restrictions hit the British economy hard last year to prevent the coronavirus spread.
The British central bank expects the economy to again suffer a lot from the strict lockdown measures and the disruptions caused by Brexit in the first quarter.
The Bank of England hopes that the economy will have fully recovered from the crisis by early 2022. That does depend on a smooth vaccination process against the virus, according to the central bank.