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In an interview with the Guardian newspaper, Andy Haldane, the Chief Economist of the Bank of England (BoE), said that the UK economy is still in a very deep hole, as reported by Reuters.

Haldane further argued that the furlough scheme should only end when the coronavirus crisis is over and added that he is hopeful there will be a rapid bounce-back in economic activity thanks to the vaccine.

Market reaction

The UK’s FTSE 100 Index showed no immediate reaction to these remarks and was last seen gaining 0.3% on a daily basis at 6,435.