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May 14, 2021
Both the Bank of England and the UK’s leading business members’ organisation believe the economy is set to take off after the vaccine bump.
GDP (Gross Domestic Product) is expected to rise sharply in the second quarter as lockdown eases. Bank economists say this is a result of the vaccine rollout and the fastest predicted economic growth for decades.
Adding to its report, the Bank of England says COVID-19 precipitated the largest drop in UK output for 300 years last year when it plummeted by 9.8 per cent.
However, throughout 2021 a GDP rebound of 7.25 per cent is forecast, higher than the previous prediction of five per cent.
Meanwhile, the Confederation of British Industry (CBI), which claims to speak for 190,000 businesses in the country, is bullish about the future as it unveiled its recovery plan.
Earlier this month, the Bank of England’s Monetary Policy Committee said it would maintain the institution’s previous course and that the country’s Coronavirus vaccine rollout was helping the economy recover.
The CBI seems to agree and has rolled out its strategy that it believes will transform the economy in six different ways in the decade ahead.
CBI Director-General Tony Danker revealed key points in the plan which highlighted key areas:
With things starting to look up for the UK economy, businesses must take steps now to overcome the latest challenges and rebuild.