Bank of Eng keeps rates/QE as is, tho 2 members vote for extra £100bn...
New outlook for economy “illustrative scenario” sees UK already in sharp recession, having declined 3% in Q1, and a record 25% in Q2. unemployment to 9%.
Assumes enforced social distancing lifted June
New outlook for economy “illustrative scenario” sees UK already in sharp recession, having declined 3% in Q1, and a record 25% in Q2. unemployment to 9%.
Assumes enforced social distancing lifted June
Here’s the unemployment chart from the “illustrative scenario” this takes into account the furlough scheme, and its gradual withdrawal over third quarter...
Unemployment does not fall as rapidly as the economy is assumed to recover - stays around 7% into next year under this scenario...
NEW - interviewed Governor Andrew Bailey on the unprecedented prospects for the economy, he confirms “yes” that this involves being a recession currently .. and singles out the furlough scheme for why there could be a rapid rebound in the economy. BLOG: bbc.co.uk/news/business-…
