UK economy to reach pre-pandemic level: BoE
Britains’ economic activity is likely to reach its pre-coronavirus level at the end of the year due to the country’s vaccine rollout, according to predictions by Bank of England governor Andrew Bailey.
The unexpected BoE’s recovery forecast is set for early 2022, it comes ahead of the central bank’s latest interest rate decision on Thursday.
“What we are saying with the recovery is that the economy will actually get back in terms of activity to around the end of this year, to where it was at the end of 2019,” Bailey added.
The British government’s rapid vaccination drive has administered the vaccine to 24 million Britons.
The pandemic sparked a 10-per cent slump of UK economic output last year — the worst annual performance in more than three centuries.