Bank of England: Expert analyses forecast for UK economy
Rishi Sunak announced: “Our plan is working.” The Chancellor said that the jobless rate will likely be half what was feared originally after the pandemic struck last year. He told MPs that Treasury help for workers and firms as lockdown eases is helping the recovery. “While our recovery will be long and difficult, it is beyond doubt now that our plan is working,” Mr Sunak said in a Commons debate on the Queen’s Speech.
The Chancellor’s positive verdict came on the back of figures showing output (GDP) surging by 2.1 percent in March. Overall during the first three months of the year the economy shrank by 1.5 per cent due to the winter lockdown.
But the contraction was much less than the 3.8 percent dive forecast by the Office for Budget Responsibility.
The Bank of England has said it expects the economy to recover quickly as spending surges with businesses reopening – and to grow by 7.25 percent this year.
Economists anticipate a summer spending spree, with the Government’s roadmap out of lockdown due to finish…
