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BOE's Haldane says UK growth could be in double-digits a year from now - Daily Mail

Published 12/05/2021, 23:54
Updated 13/05/2021, 00:31
© Reuters. FILE PHOTO: The Chief Economist of the Bank of England, Andy Haldane, listens from the audience at an event at the Bank of England in the City of London, London, Britain April 27, 2018.  REUTERS/Toby Melville

© Reuters. FILE PHOTO: The Chief Economist of the Bank of England, Andy Haldane, listens from the audience at an event at the Bank of England in the City of London, London, Britain April 27, 2018. REUTERS/Toby Melville

(Reuters) -Bank of England Chief Economist Andy Haldane said on Wednesday it is realistic to expect UK growth to be in the double-digits a year from now, in a column in the Daily Mail newspaper.

By the end of this year, inflation is likely to be above its 2% target in the UK, he added in the column.

However, Haldane said there were still some large risks, including from virus and from debts accumulated in the lockdown, which may slow or derail the country's recovery.

"Now is the time to start tightening the tap to avoid the risk of a future inflationary flood," he added.

By year end, close to 1 trillion pounds ($1.4 trillion) of extra liquidity would have been provided by the bank to the UK economy since the global financial crash, almost half of it over the past 12 months, he added.

Britain's pandemic-battered economy grew more strongly than expected in March as it gathered speed for a bounce-back from its coronavirus slump of 2020, official data showed on Wednesday.

© Reuters. FILE PHOTO: The Chief Economist of the Bank of England, Andy Haldane, listens from the audience at an event at the Bank of England in the City of London, London, Britain April 27, 2018.  REUTERS/Toby Melville

Earlier in April, the Bank of England said Haldane would leave the bank to become chief executive of the Royal Society for Arts, Manufactures and Commerce.

($1 = 0.7112 pounds)

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