Britain economy now set for rapid recovery from the pandemic

Britain economy now set for rapid recovery from the pandemic.

The bank of England chief economist, Andy Haldane said the public willingness to shop and eat out has already helped UK climb back up half of the losses that was caused by the corona virus pandemic

Despite the fall of the UK economy during the past few months of the pandemic, Mr Haldane announced that the UK economy recovery is already in place and is rapidly growing up. The economy is set to break records by growing more than a fifth in the second half of 2020.

According to the Daily mail, Mr Haldane said;

"The foundation for an economic recovery—a rapid one—is already in place,hiding in plain sight"

"Economic activities in the UK is not falling like stone, infact it has been rising for more than three months, sooner than anyone expected".

On wednesday,it was confirmed that Britain was suffering a recession with GDP plummeting 20.4 per cent in the second quarter of 2020. Then recent data shows that after collapsing in April, following the lockdown at the end of March. The economy grew by 2.4 percent in May and 8.7 per cent in June. 

The Housing Minister, Robert Jenrick reported that job loss would follow because the wider economy will be affected if millions of Britons don't return to work.

"He said, 

"Those of us who can should be going out to shops, using café and restaurants and getting back to work"

"If we don't, I'm afraid we will see further job losses and loss of some of those fantastic businesses that we see in our cities".