(Reuters) - 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.
Haldane told the newspaper that people had accumulated around 100 billion pounds ($134.33 billion)in “excess savings” during lockdowns and are already beginning to spend that.
“Consumer spending has come back at a real pace,” 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 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,” Haldane was quoted as saying.
Reporting by Shubham Kalia in Bengaluru; Editing by Tom Hogue and Ana Nicolaci da Costa
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