According to the Chief Economist at the Bank of England, the UK economy is up around half of what it fell in March/April during the peak of the pandemic.
Mr Haldane stated to members of the Treasury Select Committee that, “Roughly half of the 25% fall in activity during March and April has been clawed back over the period since.”
He went on to say, “We have seen a bounce back. So far, it has been a ‘V’. That of course doesn’t tell us about where we might go next.”
The recent Economic growth data for May indicates a 1.8% increase and commenting on that, the UK economist at Capital Economics, Thomas Pugh, said the data suggested that the bounce back was “maybe not so V-shaped after all” and “hopes of a rapid rebound from the lockdown are wide of the mark”.
“Indeed, the path to full economic recovery will probably be much longer than most people anticipate.”
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