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The fancy buying sentiment may be the driver of the UK’s economic recovery

Deloitte experts say a sharp recovery in customer spending is expected as the coronavirus epidemic in the UK subsides. According to a survey by the company, “going to the store” will be a favorite pastime for residents after the lock is released – It can be read on the BBC.

According to a study on the topic, the UK economy could grow at a faster rate than was previously seen as a consumer spending boom.

According to EY Item Club, the UK’s leading economic forecasting group The economy “has proven to be more resilient than it seemed possible”. The company revised its growth forecast for the nation’s economy from 5 percent to 6.8 percent, which may be the fastest pace since records are kept at the National Bureau of Statistics (ONS).

Hamleys store on Regent Street (London), the world’s oldest toy store and popular family attraction in London’s West EndSource: Shutterstock

Britain’s gross domestic product, which measures the overall activity of businesses, governments and individuals in the economy, shrank by 9.9 per cent last year as a result of restrictions imposed by the coronavirus pandemic. This proved to be a record low.

The group of economic forecasts expects the British economy to return to its pre-epidemic size in the second quarter of 2022, three months earlier than previous forecasts.

According to a survey by Deloitte from March 19 to 22 of this year with a survey of 3,000 adults, consumer confidence grew at an unprecedented rate in 10 years in the first quarter of 2021. The survey found that six out of ten people said they would return to stores in Within a month of the restrictions being lifted.

Dylan’s chief economist, Ian Stewart, said:

In the coming months, the increase in spending will be achieved through the successful vaccination program, the release of the lockdown, and the high level of savings.Economists at EY Item Club have also revised their unemployment forecasts. The rate is expected to reach 5.8 percent by the end of this year, compared to the 7 percent expected in January.

The group’s economic advisor, Howard Archer, said the latest forecasts are that the economy will “emerge from the epidemic” with far fewer “scars” in the long term than originally planned, and expect a strong recovery for the rest of the year and beyond. The restrictions have caused confusion, and lessons learned over the past twelve months have helped reduce the economic impact. ”

In England and Wales, non-essential retail trade was approved to reopen on April 12.

Shops in Scotland will be able to fully reopen from Monday, while non-essential retail stores will open in Northern Ireland on April 30th.

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