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Published for the Treasury Select Committee hearing on 23 February 2022
The UK economy has staged a recovery from a very low base since my previous annual report in February 2021. Due to the coronavirus pandemic GDP had registered a very sharp decline of -10.2% in the four quarters to 31 March 2021. The economy is now forecast, according to the MPC’s February 2022 Monetary Policy Report (MPR), to record annual growth of 10.8% in the four quarters to 2022 Q1. The past year has also been marked by the UK’s new trading relationship with the European Union (EU) that came into effect on 1 January 2021.
