Britain is ready for the strongest growth since WWII this year as it is predicted to have a faster than expected recovery from the global pandemic, according to the Bank of England.
The Bank increased its prediction for UK GDP increase to 7.25 percent in 2021, up from a previous estimate in February for an increase of five percent this year. A rapid roll-out of the COVID-19 vaccine and the easing of restrictions open the door for a boom in much pent-up consumer demand. If the predictions hold true, it will be the fastest rate of growth since 1941 and an 8.7 percent increase.
"If the predictions hold true, it will be the fastest rate of growth since 1941"
The central bank voted unanimously to hold interest rates at the record-low rate of 0.1 percent. The Bank’s governor said the news was very good and strong from the economy as lockdown requirements are relaxed. There are many opportunities available for newcomers in the UK. Contact UK Immigration Consultants today for help applying for the required visa to live and work in Britain.
The Bank is expecting the UK economy to be at its pre-pandemic numbers by the end of 2021, and unemployment would reach a much lower number than previously forecast. Rising consumer spending should help boost the economic rebound, driven by a rise in confidence brought by the vaccine.
The better forecasts happened after a more resilient economic performance than expected during the third lockdown by the government at the beginning of the year. Businesses were quick to adapt to the restrictions. UK Immigration Consultants will help you and your family prepare for immigration by filing the correct paperwork to the government. Contact them today.
