BBC News: [2] The Bank of England has warned that the coronavirus pandemic will push the UK economy towards its deepest recession on record. It said the economy was on course to shrink 14% this year, based on the lockdown being relaxed in June. Scenarios drawn up by the Bank to illustrate the economic impact said Covid-19 was “dramatically reducing jobs and incomes in the UK”.
[3] Policymakers voted unanimously to keep interest rates at a record low of 0.1%. However, the Monetary Policy Committee (MPC) that sets interest rates was split on whether to inject more stimulus into the economy. Two of its nine members voted to increase the latest round of quantitative easing by £100bn to £300bn. Read more