Economy, Bank Of England, Uk, Europe, Interest Rate, Stimulus, Coronavirus, Covıd-19, Monetary Policy

Economy, Bank Of England

The Bank of England avoids 'last resort' negative rates and warns the UK economy will not recover to pre-pandemic levels until late 2021 | Markets Insider

The Bank of England avoids 'last resort' negative rates and warns the UK economy will not recover to pre-pandemic levels until late 2021

8/6/2020 1:06:00 PM

The Bank of England avoids 'last resort' negative rates and warns the UK economy will not recover to pre-pandemic levels until late 2021

Britain's central bank avoided 'last resort' negative interest rates and held its benchmark borrowing rate unchanged at a record low of 0.1% on ...

."Investors will take heart from the fact that the Bank now expects the drop in GDP this year to be less than initially feared," Pearson said.The UK has suffered the highest fatality rate from the coronavirus pandemic in Europe, with over 300,000 dead. 

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Britain's central bank noted that gross domestic product shrank by 20% in the second quarter, less than the 28% forecast and said it expects unemployment to rise"materially" to 7.5% by the end of 2020, from its current level of 3.9%. 

A decline in joblessness is expected only by next year, with the rate falling back to 4.5% by the end of 2022, the bank led by governor Andrew Bailey said."The challenge of restoring labor demand and offering some employment protection is the key element both now and going forward," said Marc Ostwald, chief economist and global strategist at ADM Investor Services.

The committee's latest measures are aimed at keeping inflation low and stable to support economic growth and jobs.Inflation is expected to be more subdued at around 0.25% later this year, before returning to the committee's 2% target in two years.

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