The UK economy is on course for a rapid recovery from the coronavirus crisis as strong consumer spending has helped recoup nearly half the losses caused by the pandemic, Bank Of England chief economist Andy Haldane said in an op-ed in the Daily Mail on Saturday.
FILE PHOTO: The Chief Economist of the Bank of England, Andy Haldane, listens from the audience at an event at the Bank of England in the City of London, London, Britain April 27, 2018. REUTERS/Toby Melville
He said while shops remain shuttered, people turned to online shopping and sales rose over 70%, leading retail spending levels to recover to pre-pandemic levels. Haldane, who voted against expanding BoE stimulus in June, said that the central bank will continue to support the economy until recovery is well under way.
“While that leaves activity well below pre-Covid levels, the UK has already recovered perhaps half of its losses,” the op-ed said.
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