The central bank said that the economy could shrink by 14 percent in 2020, based on estimates of the lockdown being eased in June.
The Bank of England is warning that the U.K economy could suffer its worst performance in 300 years due to the impact of the COVID-19 pandemic.
The unemployment rate could reach up to nearly 10 percent as the coronavirus lockdown continues to cause damage to the economy.The Bank of England is warning the U.K. economy could shrink by 14%It comes as the Bank's Monetary Policy Committee, which sets interest rates, announced that rates would remain unchanged at the historic low of 0.1%.
However, in its latest Financial Stability Report, the Bank claims U.K. households have entered the lockdown in a stronger position than before the 2008 financial crisis due to extensive support packages, including payment holidays on mortgages and credit cards.
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