"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.
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%. "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.
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