In a report that BoE called an illustrative scenario instead of the usual forecast, the bank said the UK economy was on track to decline by 25% in the second quarter of 2020, with unemployment likely to rise. more than twice to over 9%. Despite the government’s massive financial and stimulus packages, the UK’s economic output could drop by 14% in 2020 – the largest annual decline since 1706 and triple. reduction in the 2008-2009 economic downturn.
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