August 6, 2020

BoE sees less severe UK downturn

London (AFP) – 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, the Bank of England forecast Thursday.The pound rallied on the update, which included news that the BoE held its main interest rate at a record-low 0.1 percent.The BoE added that its cash stimulus programme used to prop up the economy before and during the coronavirus pandemic would remain at £745 billion ($967 billion, 813 billion euros).The amount includes £300 billion added to its so-called quantitative easing prog…


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