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UK economy set to grow at fastest rate in more than 70 years

by capitalizefinancial
May 7, 2021
in Economy
0
UK economy set to grow at fastest rate in more than 70 years

The economy is expected to expand by 7.25% this year, with extra government spending helping to limit job losses.

However, it follows a contraction of 9.9% in 2020, the biggest in 300 years.

Andrew Bailey, the governor of the Bank of England, said the recovery was “strong” but likened it to “more of a bounce back” than a boom.

He added that the surge in growth, while “good news”, would only return the UK economy back to its 2019 size.

Mr Bailey told the BBC: “We’re going to see a continued strong recovery this year, but let’s put that into perspective.

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