Economic week ahead
Is the UK on track for a “V-shaped” economic recovery or not? Andy Haldane, the Bank of England’s chief economist, will be explaining his relatively chirpy view to MPs today at his reappointment hearing before the Treasury committee. External MPC member Silvana Tenreyro will also be on hand to give her views. Tomorrow the extent of the harm to public finances is revealed. Economists expect the ONS to say the Government borrowed at least £30bn in June. That is a lot by usual standards, but a fall from £55bn in May.
The state of the economy since then will be examined with the ONS’s “faster indicators” on Thursday, which seek to give an advanced view of growth. Jonathan Haskel, a Bank of England policymaker, is giving a speech on the economic impact of the virus on the same day. Friday’s PMIs will hint at July’s business performance. Economists predict a modest move into positive territory, indicating output is still well down on pre-pandemic levels.