Lifting restrictions should see economic bounce back
The governor of the Bank of England told MPs on Wednesday that the economy was performing better than expected considering the Covid restrictions, citing the adaptability of the British people. Andrew Bailey said the Prime Minister’s reopening roadmap should result in the economy growing rapidly over the next six months, getting GDP back to its pre-Covid levels by early 2022. Ben Broadbent, Deputy Governor for Monetary Policy, added that experience from last summer suggested that when restrictions are lifted there should be a bounce back in spending. However, Ben Broadbent, a deputy governor at the Bank, said surveys indicate that 70% of households intend to hold on to the extra cash they’ve accumulated during the pandemic rather than spend it.