The Bank of England offered hope for the economy today as it said the coronavirus downturn might be less deep than feared. The Bank expects the economy to shrink by 9.5 per cent in 2020 amid the coronavirus pandemic – less than the previous estimate of 14 per cent. However, UK plc will not return to the same size as the end of 2019 until at least the end of 2021. Meanwhile, the unemployment rate could rise from the current level of 3.9 per cent to hit 7.4 per cent by the end of the year before slowly subsiding, according to the latest Monetary Policy Report. That is roughly equivalent to a million people joining the dole queue. The rate will still not have returned to pre-coronavirus levels by the end of 2022. The Bank has decided to keep rates at a record low of 0.1 per cent, and its quantitative easing programme – effectively printing money to prop up the economy – at £745billion. The Bank expects the economy to shrink by 9.5 per cent in 2020 amid the coronavirus pandemic – less than the previous estimate of 14 per cent The unemployment rate could hit 7.4 per cent… Read full this story
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A million people could lose their jobs this year as unemployment hits 7.4 per cent and GDP slumps 9.5% - but the Covid economic downturn might NOT be as bad as feared, says the BofE have 285 words, post on www.dailymail.co.uk at August 6, 2020. This is cached page on Europe Breaking News. If you want remove this page, please contact us.