The economy of Britain has been said to be on the right track. The Bank of England boss said the government has done well to steer the economic wheels of the country.
Bank of England boss says UK economy is going well
Andrew Bailey who oversees the Bank of England' has said that recent signs show there is a glimmer of hope for the British economy despite the COVID-19 pandemic. Recent figures have shown that cases are falling in the country after an excellent vaccine administration by the government.
However, the bank chief said, Britain would have to adapt fast through remote working and e-commerce business. He confirmed that recent research shows that working from home may likely continue for a while or things are more stable. Mr. Andrew was however not sure if working from home will have a negative or positive effect on the economy.
UK government needs to do more - Bank governor
The Governor said positivity is needed as the economic potential of the UK was immense. He said the government needs to be more realistic and step up to the challenge. '' This pandemic has indeed affected a lot of businesses and lives, but we are hopeful that the recovery will be faster than other recessions. Last month, the OBS in charge of the nation's Budget opined that the UK should recover fully by next year which was a good forecast.
The office of the Budget statistics also said joblessness will peak at 6.5% which is lower than an earlier forecast of 7.6%. Mr. Bailey has praised the extension of the Furlough policy till October but said it will affect jobs in the country. Sectors like traveling and entertainment have been greatly affected by the Pandemic with many staff members out of job, however, Mr. Bailey said, CEOs of these industries should brace up as it will take more time for things to shape up.
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