July 20, 2020 / 3:45 PM / 14 days ago

UK economy has recovered half of COVID losses, BoE's Haldane says

FILE PHOTO: People walk past closed retail outlets on a commercial road following the coronavirus disease (COVID-19) outbreak, in London, Britain July 19, 2020. REUTERS/Simon Dawson

LONDON (Reuters) - Britain’s economy has recovered around half of the massive fall in output that took place in March and April when the COVID-19 lockdown was most intense, Bank of England chief economist Andy Haldane said on Monday.

“Roughly half of the roughly 25% fall in activity during March and April has been clawed back over the period since,” Haldane told members of Britain’s parliament.

“We have seen a bounceback. So far, it has been a ‘V’. That of course doesn’t tell us about where we might go next,” he added.

Reporting by William Schomberg, writing by David Milliken

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