British economic recovery not possible until after two years

British economic recovery not possible until after two years

Britain’s struggling economy is expected to take at least two more years to reach its pre-pandemic level, a Reuters survey showed. Though this is the case, there is only a narrow chance that the Bank of England will implement negative interest rates to fuel the recovery.

In the third quarter, the economy had recorded a 20.4% contraction. This came as the country faced the strictest lockdown to contain the spread of the coronavirus. As virus-restrictions were eased, the economy is likely to expand 15.1% this quarter.

It is predicted that the British economy will record a 6.2% growth in 2021. This is expected to follow this year’s 9.7% contraction, a figure sharper than the 9.1% decline predicted last month. In a worst-case scenario, the economy will see a 12.2% decline this year.

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