Bank of England: Unemployment to double

7th May 2020 / NewsBits
  • The Bank of England has warned the British economy could shrink by 14% this year and unemployment more than double by next spring as the coronavirus causes the deepest recession in modern history.
  • Leaving interest rates on hold at a record low of 0.1% as the economic crisis unfolds, the central bank said economic activity across the country had fallen sharply since the onset of the global health emergency and the lockdown measures to contain its spread.
  • In a warning over the mounting damage to the economy, the Bank said gross domestic product (GDP) could plunge by 25% in the second quarter.
  • or 2020 as a whole, the economy could shrink by 14%, marking the deepest recession for more than three centuries.

Source: Bank of England


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