COVID-19: UK economy expected to bounce back quicker

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The Bank of England has predicted that the economy will “recover rapidly” as it left interest rates on hold at 0.1%.

The Budget next month will be key as cases fall and the vaccine rollout expands to cover the vulnerable categories as laid out by the JCVI (Joint committee on Vaccination and Immunisation).

The battle between opening the economy gradually or to keep restrictions on hold will become a concern as unemployment is predicted to hit 8% at its highest.

The base rate, which was remained at same level for 11 months, is the cost to high street lenders of borrowing money from the central bank, which heavily influences the cost of financing mortgages and loans to households.

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