Bank of England warns the UK economy could contract by 30% in the first half of 2020 as coronavirus hammers activity
Bank of England warns the UK economy could contract by 30% in the first half as coronavirus hammers activityThe UK economy could shrink by 30% in the first half of the year and suffer its worst recession on record, the Bank of England warned on Thursday.
Andrew Bailey, the bank's governor, said:"We expect the recovery of the economy to happen over time, though much more rapidly than the pull back from the global financial crisis." It's"especially interesting that 2 members of the Monetary Policy Committee thought the bond programme should be increased by 50%, suggesting they see things as potentially worse than the numbers they are forecasting," King added.
The central bank also expects the sharp decline in oil prices over the last month to have economic impacts.
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