The BoE's mission impossible - predicting the scale of a COVID recession [Reuters]
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Source: Reuters
The BoE's mission impossible - predicting the scale of a COVID recession LONDON (Reuters) - The Bank of England faces the nearly impossible task of putting numbers on the scale of the coronavirus recession next week, when it must also decide whether to expand its already huge 645 billion pound bond-buying programme. First and foremost, the BoE is waiting for Prime Minister Boris Johnson to decide when and how to ease a lockdown that official budget forecasters say could push Britain’s economy into a 13% collapse this year, its deepest in 300 years. Governor Andrew Bailey and other BoE officials have said the forecasters’ nightmarish scenario of a 35% plunge in gross domestic product between April and June is not implausible. In March, as the crisis escalated, the BoE cut interest rates twice, to a new low of 0.1%, and bolstered its bond-buying by a record 200 billion pounds to 645 billion pounds ($802 billion) to help the government ramp up public spending. Economists said they expect
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