The central bank’s Monetary Policy Commitee said that the oncoming recession would be more shallow than previous expected The UK economy will not recover to its 2019 strength for seven years, the Bank of England’s own projections show, even as the central bank said that the UK’s recession would be less severe than first feared.
“But this is a much shallower profile for the decline in output than in the November report, in part reflecting a reassessment of the outlook for consumption in light of the recent strength of the labour market, as well as a decline in wholesale energy prices,” the Bank wrote in its February report. The Bank’s economists also believe that UK will leave a recession sooner than previously thought in November, when it said that growth would not return until the third quarter of 2024. Now, the MPC says it will start growing again during the second quarter of the year.
The bank’s own projections show that by 2026, the UK’s economy will still be far smaller than it was in 2019 – leading economists to highlight the UK’s seven years of lost growth.
Everyone who demanded lockdowns can own this. Well done.
I hope all the lockdown supporters are pleased with themselves.
Nobody could have predicted this…
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