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Bank of England: Economy still set for record slump as rates held

Written by on 06/08/2020

The Bank of England has said the UK is still set for a record economic slump as it left the interest rate unchanged at 0.1% .

The central bank said it expected Britain’s economy to take longer to get back to its size before the coronavirus pandemic hit as it warned of possible risks from taking interest rates below zero.

It said it expected the economy would not recover its end-2019 size until the end of next year.

In May, it had said it thought it might take until the second half of 2021 for the economy to get back to its
pre-pandemic size.

 Sky News

© Sky News 2020

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