The Bank of England says the UK economy is in for another tough few months but it believes that the impact of coronavirus restrictions will not be as bad as last year’s lockdown and the rollout of vaccines will help the economy bounce back.
The economy is expected to shrink by 4.2 percent in the first three months of this year. However the bank says there could be a rapid recovery from spring onwards.
As the government’s furlough scheme winds down the Bank say the unemployment rate is likely to peak at 7.8% by the middle of the year
Sophie Raworth presents BBC News at Ten reporting by economics editor Faisal Islam.
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