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Thursday, May 07, 2020

Bank of England Predicts Economic Recovery in 2021

The Bank of England predicts that for the year as a whole, the British economy is expected to contract by 14%. This would be the biggest annual decline on record, according to Office for National Statistics (ONS) data dating back to 1949.

It would also be the sharpest annual contraction since 1706.

However, UK growth is expected to rebound in 2021 to 15% and the economy is expected to get back to its pre-virus peak mid 2021.

According to the Governor, Andrew Bailey, any permanent damage is expected to be relatively small. He praised the action by the government to support workers and businesses through wage subsidies, loans and grants. He said the success of these schemes and the Bank's own stimulus meant there would be "limited scarring to the economy".

The economy was likely to recover "much more rapidly than the pull back from the global financial crisis."


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