UK economy to recover to pre-crisis levels by year end, Bank of England

London (Quantum Commodity Intelligence) - The UK economy will enjoy its strongest growth since World War Two this year as Covid-19 lockdown restrictions are lifted, according to the Bank of England.

The economy is expected to expand by 7.25% in 2021, with extra government cash for workers and businesses helping to limit job losses.

This would be the strongest growth since official records began in 1949.

Bank policymakers also held interest rates at a record low of 0.1%.

The Bank expects the recovery to gather pace as shops and restaurants reopen.

The economy is expected to get back to its pre-pandemic size before the end of the year.