07.May .2020 13:33

Bank of England warns UK economy will contract 14% in 2020


The Bank of England has warned that the impact of the coronavirus pandemic will see the UK economy plunge into a deep recession.

The Bank says GDP will contract by 14% in 2020, with unemployment rising to 8%. It is currently predicting a rebound in 2021, with GDP set to grow by 15%.

The Bank also left UK interest rates unchanged at 0.1%. The central bank decided not to increase its stimulus efforts, and will maintain its current £200 billion ($248 billion) stimulus plan.