Economy back to pre COVID

Haldane: UK economy back to pre-Covid levelsThe Bank of England's outgoing chief economist Andy Haldane has told a Money Week podcast that the UK economy has already fully recovered from the Covid crisis after a “very punchy” fightback from the worst recession in 300 years. Official figures put the economy still 3.7% below February last year during April but Mr Haldane said he thinks in May we'll see a further significant leg up, due to the loosening of restrictions. "That will mean as of now I reckon we've pretty much made up all of the GDP lost ground from last year, and we're back roughly to around pre-Covid levels on the back of what is a really very punchy recovery.” However, Haldane also warns of building price pressures which could lead to a “nasty surprise” if the Bank opts for a sharper-than-expected rise in the base rate.