Britain to grow most since World War 2 in 2021, says Bank of England

The Bank of England reflected in a window in London, Britain, May 6 2021. Picture: JASON ALDEN/BLOOMBERG

But he also said there was still a big gap compared with how big the economy would have been without the pandemic. The economy was set to return to its pre-pandemic size in the last quarter of 2021, three months earlier than previously thought, the BoE said.With the economy on course for recovery, the BoE said it would reduce the amount of bonds it buys each week to £3.4bn, down from £4.4bn now.

But the Bank of Canada said in April it could start to raise rates by late 2022 and pared back its bond-buying. BoE chief economist Andy Haldane, who has warned of inflation risks, cast a lone vote to cut the bond-buying scheme by £50bn. Haldane is due to leave the bank in June.The BoE said it now expected unemployment to rise only slightly to a peak of 5.4% in the third quarter of 2021, when Sunak's jobs protection programme is due to expire.

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