UK Growth Fastest Since The War

Forecasts published by EY Item Club predict that the UK economy will grow 7.6% this year, the fastest pace of expansion since 1941.

The recent burst in consumer spending triggered by the lifting of restrictions to curb the spread of the virus has prompted forecasters to up their expectations for output growth.

The firm also predicted that the UK economy is likely to recovery faster than other economies due to spending rising rapidly in the services industry, which the economy heavily relies on.

Martin Beck, senior economic advisor to the EY Item Club, is quoted by City AM: 

“Vaccines have played a key role in bringing forward the reopening of the economy and have been a key factor in the upgrades of the forecast throughout this year.

Compared to other economies, the UK is much more dependent on consumer spending on services, such as recreation and leisure activities, which meant that lockdowns had a greater economic impact here than elsewhere. Reopening these face-to-face parts of the economy means the UK should have a correspondingly faster recovery.”

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