BOE Economist see V shaped recovery

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BoE economist sees V-shaped recoveryAndy Haldane, the Bank of England's chief economist, says the UK economy has seen a V-shaped “bounceback" following the coronavirus crisis. He told MPs on the Treasury Select Committee: “Roughly half of the roughly 25% fall in activity during March and April has been clawed back over the period since,” adding that the economy had grown by about 1% per week since hitting its floor in mid-April. Mr Haldane noted, however, that while there is evidence of a V-shaped bounceback so far, “that of course doesn't tell us about where we might go next.” He also told MPs that unemployment was rising and probably stands at about 6%, compared with the 3.9% recorded in the most recent official figures.

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