The Bank of England says UK unemployment could more than double to 9% of the workforce
The Bank of England building in central London, the UK. Picture: AFP/ADRIAN DENNIS
The central bank's scenario did, however, include a sharp economic bounce-back in 2021 with growth of 15% if lockdown restrictions are loosened over the coming months. Last week, the US Federal Reserve restated a pledge to keep interest rates low and offer trillions of dollars in credit as long as the economy needs it. The European Central Bank also kept the door open to further stimulus.
Officials have suggested a gradual move towards reopening businesses, while ministers say that firms operating outdoors might be able to find a way to function in the summer months. Sterling rose after the central bank's announcement, initially gaining as much as half a cent against the US dollar. British government bonds prices fell slightly.
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