Downturn less severe than feared – Bank of England

Downturn less severe than feared – Bank of England

Image copyright Dan Kitwood Image caption A man wearing a mask walks past the Bank of England in London

The UK economic slump because of Covid-19 will be less severe than expected, but the recovery will also take longer, the Bank of England has said.

It expects the economy to shrink by 9.5% this year.

While this would mark the biggest annual decline in 100 years, it compares with an…

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