Bank of England says UK economy is recovering faster than expected | Business


The Bank of England has said the UK economy is recovering faster than initially feared from the coronavirus pandemic as consumer spending increases, despite warnings of significant risks to jobs and the economy. growth.Leaving interest rates hanging at an all-time high of 0.1%, Threadneedle Street said the UK economy would contract by a fifth in the first half of this year following the foreclosure measures imposed in March. Amid rapidly increasing job losses across the country, he also warned that unemployment would double by the end of the year.

However, he said early signs for the economy, as lockdown measures gradually eased, looked more promising than expected, as consumer spending rebounded near pre-pandemic levels.


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