V-shaped recession forecast is good news but not the start of a golden period for UK

Analysis: after catching up lost ground, growth will be relatively swift next year but then slow in 2023

If the Bank of England is right, Britain is on course for its strongest annual growth since 1941 - the year of Pearl Harbor and Hitler's invasion of Russia.

The latest forecasts from Threadneedle Street are stronger in every respect than those it came up with three months ago: the hit to growth during the first-quarter lockdown has been less severe, the bounce back will be more rapid, and the peak in unemployment will be significantly lower.