The United Kingdom’s economic activity will return to its pre-COVID level at the end of this year following the country's vaccine rollout, according to Bank of England (BoE) governor Andrew Bailey, who recently told BBC the impact of the pandemic on the economy is ‘huge’. "I'm now more positive (on the outlook) but with a large dose of caution," he said.
The earlier-than-expected recovery—the BoE's expectation had been for early 2022—comes ahead of the central bank's latest interest rate decision.The United Kingdom's economic activity will return to its pre-COVID level at the end of this year following the country's vaccine rollout, according to Bank of England (BoE) governor Andrew Bailey, who recently told BBC the impact of the pandemic on the economy is 'huge'. "I'm now more positive (on the outlook) but with a large dose of caution," he said.#
He praised the government's rapid vaccination drive that has injected around 24 million Britons with their first jab.
The pandemic sparked a 10 per cent slump of UK economic output last year—the worst annual performance in more than three centuries.
Bailey added that the economy had displayed more resilience during the government's current third lockdown compared with the initial virus shutdown in the first half of 2020.
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