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Britain’s economy is set to grow at the fastest pace in 80 years

EY Item Club predicts that the UK economy is set to grow at the fastest pace in 80 years

Forecast Group EY Item Club predicts that the UK economy is set to grow at the fastest pace in 80 years.

UK output has surged since 1941, rising 7.6% this year, surpassing previous estimates of 6.8%.

Return to movement: The economy is currently set to return to its pre-pandemic peak by the end of 2021

The upgrade was driven by the rapid deployment of vaccines and increased expectations for a recovery in household spending, the Item Club said.

Households are estimated to have saved around £ 200 billion since the first blockade last year and are preparing to repel that cash as restrictions are relaxed.

Higher-than-expected growth means that the economy will return to its pre-pandemic peak by the end of 2021. Two quarters ahead of April’s forecast, almost three years ahead of last summer’s Item Club forecast.

EY is currently forecasting 5% to 6.5% growth next year, followed by 2.1% in 2023 and 1.6% in 2024.

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Britain’s economy is set to grow at the fastest pace in 80 years

Source link Britain’s economy is set to grow at the fastest pace in 80 years

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