BOE Haldane: Economy will 'power through' in the months ahead

Anil Panchal FXStreet

“Britain's economy will bounce back from Covid-19 like a 'tennis ball', putting the country at the top of the G7 growth league,” Bank of England (BOE) Chief Economist Andy Haldane said during late Wednesday, per the Daily Mail UK.

The outgoing BOE member also predicts that the British economic recovery will be so strong that as many new jobs could be created as lost this year.

It should, however, be noted that the policymaker cited risks, “of a relapse if the virus is not defeated or if people and firms struggle to pay debts ran up during lockdown.”

Additional comments…

UK inflation is likely to be above 2% target by the end of 2021.

In a year from now its realistic to expect UK GDP growth in the double-digits.

FX reaction

Although the news takes clues from the previous day’s upbeat UK data dump, GBP/USD welcomes the upbeat comments while picking the bids to 1.4070, up 0.11% intraday, amid the early Thursday morning in Asia.

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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