UK economy likely to recover slowly from Covid hit-budget office head

A pedestrian walks past a closed shop in London, Britain Britain's economy has suffered a two per cent fall, its worst decline since the 2008 financial crash. EPA-EFE/ANDY RAIN

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Britain’s economy is likely to have a slower economic recovery rather than a quick bounce-back after its coronavirus shutdown, the head of the country’s budget forecasting office said on Sunday.

Robert Chote, head of the Office for Budget Responsibility, said a scenario published by the OBR last month showing a quick V-shaped recovery was only meant to be illustrative to show the hit to the public finances.

“In practice I think you are likely not to see the economy bouncing back to where we would have expected it otherwise to be by the end of the year, on that assumption, but instead a rather slower recovery,” he told BBC television.

Via Reuters

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