Bank of England economist says Britain has saved £100bn during pandemic and now it’s time to spend

Families built up £100billion of ‘excess savings’ in lockdown and are already spending it, a senior Bank of England official has claimed. A nationwide spending spree could help the economy to recover more quickly than forecasters have predicted, the Bank’s chief economist Andy Haldane said. In an exclusive interview with the Mail, Mr Haldane said there is huge ‘pent-up demand’ following the Covid lockdowns. He said that when restaurants, pubs and non-essential shops were closed, many people spent more on other things instead. ‘People have shown their willingness to [be flexible] where they spend and how they spend. … (full story)

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