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UK economy is on course for its best year of growth since WW2

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Economists at EY Item Club predict GDP growth of 5% to 6.8% for 2021 – the highest rate since the Second World War. The economy is expected to regain its pre-pandemic size by the second quarter of 2022, they add, due to Britain proving “more resilient than seemed possible”. The final three months of this year should also see peak unemployment fall from 7% to 5.8%, EY said. Separately, the Deloitte Consumer Tracker shows every measure of confidence – from the state of the economy to general wellbeing and personal debt levels – improved over the first quarter. “The UK is primed for a sharp snap back in consumer activity,” said Ian Stewart, chief economist at Deloitte. “High levels of saving, the successful vaccination rollout and the easing of the lockdown set the stage for a surge in spending over the coming months.”

 

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