According to an analysis by EY, the UK economy is growing faster than it has been in 80 years and could recover to pre-pandemic levels by the end of 2021.
It comes after the UK economy shrunk 9.8 percent in 2020, the worst performance in the G7.
Elsewhere, a separate analysis by the International Monetary Fund (IMF) shows that the UK economy would also grow seven percent this year, compared with 5.8 percent for the euro zone, seven percent for the United States and 8.1 percent for China.
In addition, the European Central Bank said the eurozone economy will only grow 4.6 percent by the end of the year.
The 19-state bloc had already grown by two percent in the second quarter of 2021.
Martin Beck, senior economic advisor for the EY Item Club, said reopening the “personal” parts of the economy means a correspondingly faster recovery for the UK.
Chancellor of the Exchequer Rishi Sunak said, “There are positive signs that our economy is recovering faster than originally expected. The IMF is forecasting the UK to have the highest growth rate among the G7 economies in 2021.
“However, we are still facing challenges due to the impact of the pandemic, so we will continue to focus on protecting and creating as many jobs as possible through our Plan for Jobs.”
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2 p.m. update: Lord Frost meets SNP ministers about Brexit strategy
Lord Frost will meet colleagues in the SNP-led Scottish government tomorrow for crisis talks as trust between London and Edinburgh on Brexit issues sinks to an all-time low.
Express.de learned that Lord Frost will meet with Scotland’s Foreign Secretary Angus Robertson tomorrow after the Scottish Government claims that UK ministers’ Brexit strategy has a significant impact on Scotland and its future trade opportunities.
This publication assumes that Lord Frost will also use the meeting to make it clear to the SNP-led government in Edinburgh that it should involve and inform the British government in all contacts with EU institutions.
1 p.m. update: Brits will be charged with fees for entering the EU from 2023 – Brexit rules snappy
British vacationers will have to raise £ 6 to travel to Europe starting in 2023 after Brussels approves final plans for its visa system.
British travelers must pay the fee every three years as part of the EU’s new European travel information and authorization system.
After years of controversy over how the bloc can increase security at its borders, the system should finally come into effect.
12 noon update: Wales on “a new path to austerity after Brexit,” says Economics Minister Vaughan Gething
Wales is heading for a new era of austerity after losing £ 375 million a year in economic aid to Brexit, said Welsh Economy Secretary Vaughan Gething.
Mr. Gething said that despite Chancellor Rishi Sunak’s assurances that there would be no return to austerity, the MS said he could still find himself “having to make decisions that are very similar to the decisions I make as minister had to when the austerity “was at its peak”.
The minister said most of the EU funding for Wales will expire this fiscal year, with no equivalent replacement from the UK government.
11 a.m. update: British blame EU for teething troubles in Brexit trade in Northern Ireland
British voters mainly blame the EU for the post-Brexit trade problems in Northern Ireland, a new poll found.
The Redfield and Wilton poll for Politico found that 45 percent of British voters who are aware of problems implementing the rules of the Northern Ireland Protocol blame Brussels for this friction.
This contrasts with just 31 percent who believe that the UK is primarily responsible.
Update at 10 am: The head of the port of Dublin criticizes the Brexit preparation in an exaggerated manner – the EU was “dishonest”
Irish Doom mongers have been criticized for their over-zealous Brexit preparations after being branded as excessive by the Dublin port chief.
Chiefs in the port of Dublin said too much land had been reserved for transport to the UK.
15 hectares of land that will be used to deal with the consequences of Brexit are now being used for a “fragment of what is expected”.
9 am update: Call to ban “damaging” trawlers from the Scottish coast
An alliance of more than 100 organizations demands that trawlers are not allowed to fish within five kilometers of Scotland’s coasts.
Members of the Our Seas coalition insisted that a “modernized” three-mile limit was “not a radical measure” and would benefit both the environment and coastal communities.
As talks are underway between the Scottish Government and the Scottish Greens on a formal cooperation agreement, the group urges both parties to look into the matter.
8 a.m. update: The end of the vacation will leave an additional 150,000 unemployed despite the strong growth from Brexit and COVID recovery
Dole queues will grow longer if the government’s vacation program ends next month despite Britain’s economic boom, a think tank warns.
The National Institute for Economic and Social Research (Niesr) warned 150,000 people who would lose their jobs when it raised its growth forecast for 2021 from 5.7 percent to 6.8 percent.