All the ground lost during the biggest slump in 300 years will be regained by the end of the year. All in all, it was a pretty upbeat message from the Bank of England as it provided its quarterly update on the state of the UK economy. It thinks unemployment has already peaked at 4.8% and that the end of the furlough will not lead to a higher jobless rate. What’s more, the end of the furlough and the phasing out of Treasury support might have more of a negative effect than the Bank is expecting. That, though, is a far cry from the decade before the financial crash, when interest rates averaged 5%.

Source: The Guardian August 05, 2021 15:41 UTC