Bank of England predicts 14% contraction in UK economy for 2020 with 8% jobless

Bank of England predicts 14% contraction in UK economy for 2020 with 8% jobless

Bank of England warn UK economy could contract by close to 30 per cent this summer with 2020 totalling 14% loss in GDP as jobless reach 8%. The first prediction from the Bank since COVID-19 struck is based on easing lockdown in June. Policymakers agreed to keep interest rates at a record low of 0.1% while the Bank said the economy is expected to ’pick up relatively rapidly’ once lockdown is eased

Timothy
Timothy
M. Schlegel
M. Schlegel 3 weeks

The bad thing is, now the lunatics around Boris can say: The drop in economy is only due to coronavirus, has nothing to do with the Brexit and might get away with it. Near to nobody voted for this hard Brexit that Boris wants, the voters got promised massive economic growth, complete independence from the EU while at the same time having complete access to the single market. Now this combination was impossible from the get go but... I hope enough of the british population is smart enough to compare the UK recession with that of other similar hit countries in Europe. Other countries will get similar problems but while the rest of Europe will get back up on its feet relatively fast afterwards, UK will go from one disruption to their economy to the next one...

Top in Business
Get the App