Bank of England Projects The UK Economy Is Heading For Its Worst Crash In 300 Years

SKY News: Coronavirus: Bank of England warns of biggest annual slump in GDP since 1706

The Bank's first work on the possible impact sees little scarring despite the largest annual decline in GDP for 300 years looming.

A Bank of England scenario sees UK GDP falling 14% this year, its worst annual slump for more than 300 years, and the jobless rate hitting 8% as the coronavirus crisis ravages the economy.

The Bank released its first work on the potential impact of the lockdown measures to limit the spread of COVID-19 as its monetary policy committee left interest rates unchanged at their record low level of 0.1%.

However, two members voted in support of more bond-buying - indicating they felt more support was needed beyond the £645bn of asset purchases, also known as quantitative easing, already targeted by the Bank to boost liquidity.

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WNU Editor: Concerns on the economic consequences of Brexit have certainly disappeared from the headlines.

More News On The Bank of England Projecting The UK Economy Is Heading For Its Worst Crash In 300 Years

Bank of England warns of sharpest recession on record -- BBC
Bank of England: UK economy to shrink by most since 1706 -- ABC News/AP
Bank of England projects worst UK economic slump since 1706 -- CNBC
The UK economy is heading for its worst crash in 300 years -- CNN

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