The Bank of England Predicts the Worst Recession–in 300 Years

Professor of Law : Georgetown University, and Director, Institute of International Economic Law

The Bank of England Predicts the Worst Recession--in 300 Years

Image Courtesy of © Heritage Images/Getty Images

In a new report from the Financial Times, The Bank of England has forecast that the coronavirus crisis will push the UK economy into its deepest recession in 300 years, with output plunging almost 30 per cent in the first half of the year, but it decided not to launch a new stimulus.

According to the FT, the BoE presented in its latest  monetary policy report a series of predictions for the economy, suggesting that the country's output would slip 3 per cent in the first quarter followed by a further 25 per cent fall in the second. This would mean an almost 30 per cent drop overall in the first half of 2020, the fastest and deepest recession since the “great frost” in 1709.

Copyright 2017, Chris Brummer, All Rights Reserved. Privacy Policy | Contact Us

Mark Carney criticizes reliance on US dollar, suggests possibility of multilateral digital asset

Professor of Law : Georgetown University, and Director, Institute of International Economic Law

Mark Carney criticizes reliance on US dollar, suggests possibility of multilateral digital asset

Mark Carney stands pensively in dark suit while listening to woman speak at economic  symposium
Image provided by Bloomberg.com

The Bank of England's governor, Mark Carney, the Bank of England governor, has said that the world’s reliance on the US dollar “won’t hold” and needs to be replaced by a new international monetary and financial system based on many more global currencies.   Part of the solution could come from a multilateral digital currency.  The Financial Times story is here.

Copyright 2017, Chris Brummer, All Rights Reserved. Privacy Policy | Contact Us

Professor Brummer Delivers Talk at the Bank of England

Professor of Law : Georgetown University, and Director, Institute of International Economic Law

Professor Brummer Delivers Talk at the Bank of England

A staircase within the bank of England, where Professor Chris Brummer delivered his remarks

Minilateralism's author, Chris Brummer, delivered a talk at a conference sponsored by the Bank of England and Queen Mary's Centre for Commercial Law Studies exploring regulatory perimeter, cross-border dimension and virtual currencies.

Professor Brummer's remarks centered on the tradeoffs involved in the regulation--and deregulation--of financial innovation, and the challenges posed to international financial coordination.

Copyright 2017, Chris Brummer, All Rights Reserved. Privacy Policy | Contact Us