Chancellor Rishi Sunak said in March he believes the UK’s economy will return to pre-pandemic size in mid-2022.
Speaking to the House of Commons when announcing the 2021 Budget, Mr Sunak announced the Office for Budget Responsibility (OBR) forecast which held GDP will return to pre-Covid levels by mid-2022 but the economy will be three percent smaller than its pre-Covid path in five years.
He added he would do “whatever it takes” to protect the UK economy, and announced a three point plan for it to recover.
Mr Sunak then told MPs: “First, we will continue doing whatever it takes to support the British people and businesses through this moment of crisis.
“Second, once we are on the way to recovery, we will need to begin fixing the public finances – and I want to be honest today about our plans to do that.
“And, third, in today’s Budget we begin the work of building our future economy.”