BUSINESS UK economy to slump 14% this year on virus: BoE

BUSINESS

UK economy to slump 14% this year on virus: BoE

AFP

14:34, May 07, 2020

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A picture shows empty outdoor seating at lunchtime at a restaurant in central London on March 17, 2020 after the UK government announced stringent social distancing advice including avoiding pubs and restaurants as a measure to kerb the spread of novel coronavirus COVID-19. (Photo: AFP)

Britain's economic output is set to crash by 14 percent this year owing to the coronavirus, the Bank of England said Thursday as it left its interest rate at 0.1 percent.

UK gross domestic product would rebound by 15 percent in 2021 however, the BoE estimated following a meeting that took place Wednesday.

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