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UK Economy Update

By July 24, 2020September 27th, 2022No Comments

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.”