Economy

UK Economy could grow over 20% in 3 years

Analysis from Dr John Ashcroft on the economic impact of Covid-19

The IMF now sees a brighter outlook for the world economy. The Bank of England is feeling more optimistic about the UK. The Office For Budget Responsibility forecasts real growth of 11% over the next two years. Forecasts for the UK will be revised up. In nominal terms the UK could grow by over 20% over the next three years, underpinning growth for jobs and business in the medium term.

A tale of two economies – recovery expected at a ‘rate of knots’ in 2021

Analysis from Dr John Ashcroft on the economic impact of Covid-19

Andy Haldane, Chief Economist at the Bank of England, expects Britain’s economy to recover ‘at a rate of knots’, from the beginning of the second quarter this year. It should not be too difficult. The comparative figures for last year, are not much to beat. The economy collapsed by just over 20% in Q2 last year. The recovery in the economy will appear to be pretty dramatic,

Recovery still on track despite fears of lockdown – but fears for job losses increase

Analysis from Dr John Ashcroft on the economic impact of Covid-19

Our views on recovery are unchanged. We expect output to be down, by around 10% in the third quarter, and down by 5% in the final quarter of the year. Output for the year as a whole, will be down by 10%. Unemployment is set to rise to between 2.5 and 3.0 million, a rate of 7.5% and 8.5%, without any additional extension to the job support scheme.