Bank of England says UK economy recovering faster than first feared

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Rise in consumer spending cheers bank but unemployment will double and GDP drop ‘significantly’

The Bank of England has said Britain’s economy is recovering more quickly than initially feared from the coronavirus pandemic as consumer spending rises, despite warning of significant risks to jobs and growth.

Leaving interest rates on hold at a record low of 0.1%, Threadneedle Street said Britain’s economy would shrink by a fifth in the first half of this year as a result of lockdown measures imposed in March. Against a backdrop of rapidly rising job losses across the country, it also warned unemployment would double by the end of the year.

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