BoE's Haldane says consumer spending has come back at a 'real pace': Daily Mail

[BENGALURU] Bank of England Chief Economist Andy Haldane said consumer spending in Britain has come back at a "real pace", according to a British newspaper.

His comments to the Daily Mail come after the British parliament approved a system of regional Covid-19 restrictions for England last week, replacing a month-long stricter national lockdown.

Mr Haldane told the newspaper that people had accumulated around 100 billion pounds (S$179.25 billion)in "excess savings" during lockdowns and are already beginning to spend that.

"Consumer spending has come back at a real pace," Mr Haldane was quoted as saying.

"People are using their involuntarily-accumulated savings on a new house or a new car... there are plenty of those savings still to be used." Britain is preparing to become the first country to roll out the Pfizer/BioNTech Covid-19 vaccine and Mr Haldane said that it could deliver a boost to the British economy.

"There is plenty of scope there for the vaccine to release more of that pent-up demand," Mr Haldane was quoted as saying.

REUTERS