GBP/USD is stabilising around the 1.3950 mark as the week draws to a close. On the week, having been up over 1.6% at highs, GBP/USD looks set to finish
The Bank of England s Chief Economist has warned that an inflationary tiger had woken up and could prove difficult to tame as the economy recovers from the COVID-19 pandemic.
In a clear break from other members of the Monetary Policy Committee (MPC) who are more relaxed about the outlook for consumer prices, Andy Haldane called inflation a tiger (that) has been stirred by the extraordinary events and policy actions of the past 12 months .
Such inflationary pressures could require Britain s central bank to take action. People are right to caution about the risks of central banks acting too conservatively by tightening policy prematurely, Haldane said in a speech published online. But, for me, the greater risk at present is of central bank complacency allowing the inflationary (big) cat out of the bag.
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(Bloomberg) The U.K. economy grew at double the pace expected in the fourth quarter, showing signs of resilience to coronavirus restrictions at the end of a year that delivered the worst recession since 1709.Figures published Friday add some weight to the Bank of England’s view that while the economy will likely shrink in the first three months of the year, a successful vaccine rollout and a surge in household savings during lockdowns could power a sharp recovery in 2021.Gross domestic product grew 1% in from October through December, fueled by a boom in construction and government spending. Output contracted 9.9% for the whole of 2020, slightly below the latest estimates of the U.K.’s fiscal watchdog.The outlook hinges on the degree of scarring left by the pandemic and how soon can the government can capitalize on one of the world’s fastest vaccination campaigns to loosen restrictions. Chancellor of the Exchequer Rishi Sunak said the economy displayed “re
The UK economy grew at double the pace expected in the fourth quarter, capping a year that delivered the worst slump since 1709.
Gross domestic product rose 1 per cent from the third quarter, fuelled by a boom in construction and government spending. That averted the risk of a second recession early this year but left a 9.9 per cent contraction for the whole of 2020, the biggest slump since a Great Frost killed crops across Europe.
The figures add weight to the Bank of England’s view that growth is set to surge as Prime Minister Boris Johnson’s campaign to vaccinate the population takes hold. The central bank’s Chief Economist Andy Haldane expects consumers to unleash an estimated $345 billion of savings that households built up while the economy was locked down.