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BoE's Haldane says UK recovering 'faster than anyone expected'

Published 19/09/2020, 22:38
Updated 19/09/2020, 23:15
© Reuters. 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 (Reuters) - Britain is recovering faster than anyone had expected from the economic impact of COVID-19, but businesses need better incentives and access to finance to invest in technology, Bank of England chief economist Andy Haldane said.

"UK GDP had, by July, recovered around half of its Covid-related losses, rebounding further and faster than anyone expected," Haldane said in an article for the Mail on Sunday newspaper written jointly with the former chairman of John Lewis Partnership, Charlie Mayfield.

Britain's central bank said in a policy statement on Thursday the economy was recovering faster than it had forecast in August, though prior to that several policymakers had struck a more cautious tone than Haldane.

© Reuters. 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

Haldane said he was writing in his capacity as chairman of a government commission to boost economic productivity.

Latest comments

UK produces monthly GDP which was at -11.7% for July so he is right.
He's deluded, inhabiting a parallel universe
Covid cases are on a rise leading to a march like situation
Hmm - how does he explain the terrible performance of the FTSE then? Other world indices have made a v-shaped recovery.
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