The Bank of England has warned that the British economy could shrink by 30 percent in the first half of the year as a result of the coronavirus pandemic. Overall, it said that the British economy could shrink by 14 percent this year, but that depends on how long the current lockdown restrictions remain in place. Two of the nine policymakers wanted to increase the bank's stimulus program by another £100 billion (US$124 billion). The bank said that the timeliest indicators of U.K. demand have generally stabilised at very low levels in recent weeks, after unprecedented falls during late March and early April. And payments data point to a reduction in the level of household consumption of around 30 percent.

Source: The Standard May 07, 2020 06:22 UTC