Economic activity in the UK began to grow at a record pace over the past seven years. On the back of deferred demand, retail sales in March increased the most in nine months.

The Bank of England expects a sharp recovery from the worst recession in three centuries, inasmuch as the population is actively vaccinated. It is noted that inflation remained at a low level, business expectations for next year were close to record highs, and jobs were created at the fastest pace since 2017.

Exports also returned to growth after three months of decline. The Bank of England estimates that families have amassed £150 billion ($208 billion) in savings. Households are ready to make big purchases, according to experts.