Vaccination programme set to boost economic recovery
The UK’s coronavirus (COVID-19) vaccination programme will help the UK economy rebound strongly this year, according to the Bank of England (BoE).
The economy is expected to shrink by 4.2% in the first three months of 2021 as a result of the third national lockdown. However, the BoE’s policymakers expect a rebound in the spring as people become more confident about spending.
The government’s COVID-19 support schemes are expected to limit any immediate increase in unemployment, although the unemployment rate is still projected to rise to 7.8% later this year as the furlough scheme winds down.
The BoE said the rebound in economic activity would depend on controlling any new strains of the virus, as well as households’ willingness to spend.
It believes retired households which have received vaccines sooner will start spending their savings first.
The Bank said: “The COVID vaccination programme would be expected to lead to an easing of social distancing restrictions, reduced economic uncertainty and higher activity, although the timing of those effects is hard to predict.”
Should you need any assistance, we’re always on hand to help. Contact us here.
A simple, hassle free way to request a quote from AP Robinson & Co.
Simply fill in the form with your contact information and a brief description of the work you want carried out and we’ll then contact you directly - either by email, text message or a phone call for a friendly and informal chat about your requirements.