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Business News

Bank of England sees slightly stronger spring spending bounce-back


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The Bank of England has predicted a slightly quicker bounce-back for consumer spending this spring than previously thought as lockdowns are eased.

Minutes of the Bank’s latest monetary policy meeting showed rate-setting officials also think that unemployment caused by the coronavirus crisis will be “more moderate” than it expected just a month ago.

The Bank said plans for the easing of lockdowns suggested restrictions being lifted “somewhat more rapidly” than had been assumed in its February report on the UK economy.

It said that “may be consistent with a slightly stronger outlook for consumption growth” in the April-June period than it anticipated at the time.

The latest comments came as officials unanimously agreed to leave interest rates on hold at 0.1%.

 Sky News

© Sky News 2021

Written by: Rother Radio News

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