LONDON—The Bank of England said the U.K. economy will take until the end of 2021 to make up the ground lost during the pandemic, after suffering what it estimates was the steepest second-quarter fall in output among rich countries. Officials estimate the economy shrunk by around 20% between April and June as a nationwide lockdown to contain the coronavirus came into force. That compares with estimates of 9.5% for the U.S. and 12% for the eurozone, highlighting the scale of the U.K.’s economic hit.

Source: Wall Street Journal August 06, 2020 07:37 UTC