{"id":206846,"date":"2020-05-07T06:51:10","date_gmt":"2020-05-07T06:51:10","guid":{"rendered":"http:\/\/www.thetruthseeker.co.uk\/?p=206846"},"modified":"2020-05-10T07:43:27","modified_gmt":"2020-05-10T07:43:27","slug":"bank-of-england-warns-of-worst-recession-for-300-years","status":"publish","type":"post","link":"https:\/\/www.thetruthseeker.co.uk\/?p=206846","title":{"rendered":"Bank of England Warns of Worst Recession for 300 YEARS"},"content":{"rendered":"<h2 style=\"text-align: center;\">Bank of England warns coronavirus crisis will see GDP slump nearly 30 PER CENT in the first half of this year and push the economy to worst recession for 300 YEARS<\/h2>\n<ul>\n<li><span style=\"color: #ccffff;\"><strong>Bank of England has issued grim estimates for the coronavirus hit on economy<\/strong><\/span><\/li>\n<li><span style=\"color: #ccffff;\"><strong>GDP expected to drop by 14 per cent this year, the biggest fall for 300 years\u00a0<\/strong><\/span><\/li>\n<li><span style=\"color: #ccffff;\"><strong>Unemployment likely to hit 9 per cent before falling back again more slowly<\/strong><\/span><\/li>\n<\/ul>\n<p style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-206847\" src=\"https:\/\/www.thetruthseeker.co.uk\/wp-content\/uploads\/2020\/05\/Bank-of-England.jpg\" alt=\"\" width=\"540\" height=\"304\" srcset=\"https:\/\/www.thetruthseeker.co.uk\/wp-content\/uploads\/2020\/05\/Bank-of-England.jpg 700w, https:\/\/www.thetruthseeker.co.uk\/wp-content\/uploads\/2020\/05\/Bank-of-England-300x169.jpg 300w\" sizes=\"(max-width: 540px) 100vw, 540px\" \/><\/p>\n<h1 style=\"text-align: center;\">James Tapsfield \u2013 Daily Mail May 7, 2020<\/h1>\n<p><span style=\"color: #ccffff;\">UK GDP will slump by 14 per cent this year, and the shockwaves from <span style=\"text-decoration: underline;\"><a style=\"color: #ccffff; text-decoration: underline;\" href=\"https:\/\/www.dailymail.co.uk\/news\/coronavirus\/index.html\"><strong>coronavirus<\/strong><\/a><\/span> will be felt into 2022, the <a style=\"color: #ccffff;\" href=\"https:\/\/www.dailymail.co.uk\/news\/bank-of-england\/index.html\"><strong><span style=\"text-decoration: underline;\">Bank of England<\/span><\/strong><\/a> warned today.<\/span><\/p>\n<p><span style=\"color: #ccffff;\">In its latest assessment, the Bank said the economy will shrink by nearly 30 per cent in the first half of this year before recovering some ground.<\/span><\/p>\n<p><span style=\"color: #ccffff;\">But the impact of the deadly disease will continue to be felt for at least another year afterward.\u00a0Unemployment could hit 9 per cent before falling back again.<\/span><\/p>\n<p><span style=\"color: #ccffff;\">The 14 per cent fall estimated for 2020 would be the biggest recession for 300 years. The Bank says it believes there was a 3 per cent contraction in the first quarter, and will plummet by an incredible 25 per cent in the current three month period, before finally clawing back some ground.<\/span><\/p>\n<p><span style=\"color: #ccffff;\">Announcing that interest rates have been kept on hold at a record low of 0.1 per cent, Governor Andrew Bailey said it was acting to ease the effects as much as possible.<\/span><\/p>\n<p><span style=\"color: #ccffff;\">&#8216;The Bank&#8217;s three policy committees have taken complementary actions to lower the cost of borrowing, to put the banking system in a position to lend and to support the functioning of financial markets,&#8217; he said.<\/span><\/p>\n<p><span style=\"color: #ccffff;\">In its first official outlook on the toll taken on the UK economy by the Covid-19 pandemic, the Bank cautioned over a &#8216;very sharp&#8217; fall in GDP over the first half and a &#8216;substantial&#8217; hike in unemployment.<\/span><\/p>\n<p><a href=\"https:\/\/www.dailymail.co.uk\/news\/article-8295751\/Bank-England-warns-UK-GDP-slump-14-CENT-year.html\">Continues \u2026<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>UK unemployment to double and economy to shrink by 25% because of Covid-19. Or, more precisely, as a result of the lockdown in response to Covid-19<\/p>\n","protected":false},"author":39262,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[105,66],"tags":[],"class_list":["post-206846","post","type-post","status-publish","format-standard","hentry","category-coronavirus","category-Economics"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/206846","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/users\/39262"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=206846"}],"version-history":[{"count":2,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/206846\/revisions"}],"predecessor-version":[{"id":206849,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/206846\/revisions\/206849"}],"wp:attachment":[{"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=206846"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=206846"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=206846"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}