The Bank of England upgraded its 2021 forecast last week to the highest rate seen in almost 70 years. However, this has disguised a more severe pessimistic assessment than previously of the UK’s economy. The upward revision of the annual forecast for 2021 from 5% to 7.25% was based upon a better-than-expected past performance assisted by a more resilient economy since the second wave of coronavirus in November.
The Financial Times identified that the Bank of England had downgraded its outlook of economic growth for each quarter until the end of 2022. Andy Haldane, Bank of England Chief Economist mentioned last week “there is now clear evidence that the economy is growing rapidly, with both household and company spending surprisingly up, and consumer and business confidence bouncing back.”
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