The UK economy is heading for its worst crash in more than 300 years because of the coronavirus pandemic, according to a new forecast from the Bank of England.
London (CNN Business)The UK economy is heading for its worst crash in more than 300 years because of the coronavirus pandemic, according to a new forecast from the Bank of England.
The central bank said Thursday that the British economy could shrink by 14% this year. That would be the biggest annual contraction since 1706, based on the bank’s own best estimate of historical data.
Governor Andrew Bailey said it would respond as necessary to support the economy as the coronavirus threat evolves, but stopped short of announcing any new stimulus measures.
