{"id":72596,"date":"2021-05-07T06:58:43","date_gmt":"2021-05-07T06:58:43","guid":{"rendered":"https:\/\/secondchargemortgageuk.com\/?p=72596"},"modified":"2021-05-07T06:58:44","modified_gmt":"2021-05-07T06:58:44","slug":"bank-of-england-predicts-growth-economy","status":"publish","type":"post","link":"https:\/\/secondchargemortgageuk.com\/bank-of-england-predicts-growth-economy\/","title":{"rendered":"Bank of England predicts 7.25% growth in economy as interest rates held at 0.1%"},"content":{"rendered":"\n

The UK’s economy could grow by more than 7% in 2021, according to the latest Bank of England forecast – the fastest pace since the Second World War.<\/p>\n\n\n\n

Their projection is that the UK gross domestic product (GDP) – a measure of the size of a country’s economy – will rebound by 7.25% and mark the best year of growth since official records began in 1948.
This represents a sharper recovery than the central bank\u2019s previous forecasts, with 5% growth previously expected.
It comes after the pandemic saw the UK suffer the biggest drop in output for 300 years in 2020, when it plummeted by 9.8%.<\/p>\n\n\n\n

But the Bank\u2019s quarterly set of forecasts showed it downgraded its growth outlook for 2022, to 5.75% from 7.25%.<\/p>\n\n\n\n

The rosier view for the economy this year came as the Bank\u2019s Monetary Policy Committee (MPC) held interest rates at 0.1%.<\/p>\n\n\n\n

To find out more about how we can assist you with your Second Charge Mortgage please click here<\/a><\/em><\/p>\n\n\n\n

The Bank kept its quantitative easing programme on hold at \u00a3895 billion, although one member of the MPC voted to reduce it by \u00a350 billion given the brighter recovery prospects.
In minutes of the latest decision, the Bank of England said the lockdown is set to see GDP fall by around 1.5% \u2013 far better than the 4.25% drop first feared.<\/p>\n\n\n\n

It also sharply cut its forecasts for unemployment over the year.<\/p>\n\n\n\n

The Bank said: \u201cGDP is expected to rise sharply in 2021 second quarter, although activity in that quarter is likely to remain on average around 5% below its level in the fourth quarter of 2019.<\/p>\n\n\n\n

\u201cGDP is expected to recover strongly to pre-Covid levels over the remainder of this year in the absence of most restrictions on domestic economic activity.\u201d<\/p>\n\n\n\n

But it warned over \u201cdownside risks to the economic outlook\u201d from a potential resurgence of Covid-19 and the possibility that new variants may be resistant to the vaccine.<\/p>\n\n\n\n

Source: iTV<\/a><\/p>\n\n\n\n

Discover our Second Charge Mortgage Broker<\/a> services.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The UK’s economy could grow by more than 7% in 2021, according to the latest Bank of England forecast – the fastest pace since the Second World War. Their projection is that the UK gross domestic product (GDP) – a measure of the size of a country’s economy – will rebound by 7.25% and mark […]<\/p>\n","protected":false},"author":1,"featured_media":72453,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[1978],"tags":[2081,2179,2075],"yst_prominent_words":[538,1252,207,233,485,1250,111],"acf":[],"yoast_head":"\nBank of England predicts 7.25% growth in economy<\/title>\n<meta name=\"description\" content=\"The UK's economy could grow by more than 7% in 2021, according to the latest Bank of England forecast - the fastest pace since the Second World War.\" \/>\n<meta name=\"robots\" content=\"index, follow\" \/>\n<meta name=\"googlebot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta name=\"bingbot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/secondchargemortgageuk.com\/bank-of-england-predicts-growth-economy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bank of England predicts 7.25% growth in economy\" \/>\n<meta property=\"og:description\" content=\"The UK's economy could grow by more than 7% in 2021, according to the latest Bank of England forecast - 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