Bank of England sees less severe UK downturn

LONDON - Britain's economic downturn fuelled by the coronavirus pandemic will be less severe than thought -- but the nation's surge in unemployment will delay any recovery, according to a forecast by the Bank of England.

The amount includes £300 billion added to its so-called quantitative easing programme since March when COVID-19 prompted a UK lockdown. "GDP is not projected to exceed its level in 2019 Q4 until the end of 2021, in part reflecting persistently weaker supply capacity," it added. "The Bank thoroughly bashed the idea of negative interest rates, at least in the next six months or so," noted Ruth Gregory, senior UK economist at Capital Economics research group.

"Surveys indicate that many workers have already returned to work from furlough, but considerable uncertainty remains about the prospects for employment after those support schemes unwind." Replacing the scheme is a stimulus package worth £30 billion, including bonuses for companies retaining furloughed staff and offering apprenticeships, amid fears of mass youth unemployment resulting from the virus fallout.

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