Home Business news UK set for strongest economic growth since WWII, forecasts Bank of England

UK set for strongest economic growth since WWII, forecasts Bank of England

9

Interest rates to be kept at record low of 0.1% with GDP growth now forecast to rise at 7.25% in 2021

Britain is on track for the strongest growth since the second world war this year as it stages a faster than expected recovery from the Covid-19 pandemic, according to the Bank of England.

The Bank raised its estimate for UK GDP growth to 7.25% in 2021, up from a previous forecast in February for growth of 5% this year, as rapid progress with the Covid-19 vaccine rollout and easing of restrictions fuels a boom in pent-up demand.

Related: Bank of England raises growth forecasts and leaves interest rates on hold – business live

Continue reading…Interest rates to be kept at record low of 0.1% with GDP growth now forecast to rise at 7.25% in 2021Britain is on track for the strongest growth since the second world war this year as it stages a faster than expected recovery from the Covid-19 pandemic, according to the Bank of England.The Bank raised its estimate for UK GDP growth to 7.25% in 2021, up from a previous forecast in February for growth of 5% this year, as rapid progress with the Covid-19 vaccine rollout and easing of restrictions fuels a boom in pent-up demand. Related: Bank of England raises growth forecasts and leaves interest rates on hold – business live Continue reading…