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Booming UK economy to outpace US, says Haldane

Booming UK economy to outpace US, says Haldane
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"It is easy to see why. As Covid infection rates have fallen sharply and the vaccination programme has been rolled out, the health risks facing us have plummeted."

Mr Haldane, who has previously warned against pessimistic views of the economy , said consumers are returning to shops, pubs and restaurants with retail spending above pre-Covid levels.

The housing market is also booming, while hiring and investment among businesses is also picking up, he said.

Mr Haldane predicts as many new jobs will be created this year that are lost with unemployment figures revised down from 7.75% to less than 5.5%.

"A year from now, it is realistic to expect UK growth to be in double-digits, activity to be comfortably above pre-Covid levels and unemployment to be falling," Mr Haldane said.

"Such a tennis ball bounce in the UK economy would put it at the top of the G7 growth league table."

Mr Haldane, who sits on the Bank of England s Monetary Policy Committee, predicted a sharp, V-shaped recovery last year which did not materialise.

Official figures published earlier this week showed the UK economy , but gathered speed in March as lockdown restrictions began to ease.

The reopening of schools and strong retail spending helped the economy grow 2.1% in March, its fastest monthly growth since last August.
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