Professor of Law : Georgetown University, and Director, Institute of International Economic Law
The Bank of England Predicts the Worst Recession--in 300 Years
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.
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