The British economy is recovering less quickly from the corona crisis than expected. However, the relaxation of the corona measures, which allowed catering and cinemas to open again, has undoubtedly given the economy a boost.
However, in the construction and manufacturing sectors, in particular, performance fell short of expectations. This may be due to the supply chain problems that exist worldwide.
According to the British statistics office, in May, there was a 0.8 percent growth monthly. This percentage follows a growth of 2 percent a month earlier. The gross domestic product in the United Kingdom is currently about 3.1 percent below the level of February 2020, the last month before the crisis.
According to the Bank of England, the British economy will be back to pre-crisis levels by the end of the year that the economy is recovering fuels speculation about when the central bank will decide to phase out support programs. The strong growth is also causing price pressure.
British Prime Minister Boris Johnson plans to lift all remaining restrictions on July 19, despite the Delta strain of the coronavirus sparking a new wave of infections. However, there are fears that the government will have to impose new restrictions because millions of people have not yet been vaccinated.
