The Bank of England has announced its latest forecasts for the UK’s economic expansion, exceeding the most optimistic predictions.
Scotland’s battered economy is set to benefit from soaring business confidence across the UK as the success of the vaccine programme allows businesses to return to normal.
In stark contrast to the EU, Scotland has benefitted from a record speed vaccination programme as the UK becomes the first G7 country to emerge from the pandemic.
The Bank of England today announced it was sharply upgrading its economic forecasts with an expansion of 7.25% expected in 2021. This follows a new bond-buying package with interest rates remaining at a record low of 0.1%.
The UK’s GDP estimates were lower back in February as the vaccination programme was still yet to be fully appreciated.
With now more than 50% of the UK population having received a single dose, there’s evidence infections are falling rapidly and hospitalisations are at new lows for the year.
As business confidence rises, and thanks to a new super-deduction announced by the chancellor, Britain is set for a jobs boom and increasing investment this coming summer.
Source: Daily Scotland