Worst UK slump in 'centuries' looms as lockdown slams business [Reuters]
IHS Markit Ltd. Common Shares (INFO)
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Source: Reuters
Worst UK slump in 'centuries' looms as lockdown slams business LONDON (Reuters) - Britain may be in the grip of its worst economic slump in centuries, a Bank of England official warned, as the coronavirus lockdown pounded businesses this month with more force than even the most pessimistic forecasters had feared. Interest-rate setter Jan Vlieghe said on Thursday the economy should recover its pre-coronavirus growth pattern once the pandemic is over, but it could take time. Earlier, surveys showed a historic contraction in the economy is all but guaranteed as the government grapples with its biggest public health crisis in more than 100 years. Over 17,000 Britons have died from the novel coronavirus so far. The government will need to issue 180 billion pounds ($223 billion) of debt in the next three months alone to pay for the unprecedented measures launched to stem the collapse of the economy, the Treasury said on Thursday. “Based on the early indicators, and based on the experience i
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