UK seeing V-shaped recovery, says Bank of England economist

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The economy has been growing at around 1% a week since May, Andy Haldane tells MPs

The Bank of England’s chief economist, Andy Haldane, insisted on Monday that Britain is enjoying a V-shaped recovery, despite concerns among rival central bank policymakers that the economy is struggling in the wake of high-profile job cuts that are expected to send unemployment higher.

Haldane, who has become a controversial figure in recent months for his comments that the UK is in the midst of a quick turnaround, said the UK economy had recovered around half of the massive fall in output that took place in March and April when the Covid-19 lockdown was most intense.

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