The U.K. faces the biggest annual fall in GDP in three centuries because of the coronavirus pandemic, the Bank of England warned on Thursday.
The BoE held off expanding its economic stimulus programme but two of the nine member monetary policy committee voted for additional bond buying.
“The only good news today is that the Bank expects this economic bombshell to be short-lived, and for the economy to bounce back rapidly. However, the MPC itself concedes it is flying blind to a large extent, warning that a pandemic like this is"especially difficult to quantify.”The Bank of England has introduced a raft of measures to cushion the British economy against the economic shock of an almost total shutdown of swathes of businesses.
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