The UK economy is on course for a rapid recovery despite suffering the worst recession since records began, the Bank of England chief economist has said.
Andy Haldane said strong consumer spending had helped recoup nearly half the losses caused by the coronavirus pandemic,
‘Economic activity in the UK is not falling like a stone,’ he wrote in an op-ed in the Daily Mail on Saturday.
‘In fact, it has now been rising for more than three months, sooner than anyone expected,’
Mr Haldane 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.
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Businesses in the services and manufacturing sectors grew at the fastest rate in more than five years in July, according to a IHS Markit/CIPS survey released in early August.
Mr Haldane, who voted against expanding BoE stimulus in June, said the central …