Article preview: The Bank of England has kept interest rates on hold at 0.1%, but also says the pandemic-led recession could last longer than originally expected. According to the Bank’s Monetary Policy Committee, the depth of the recession is likely to be less severe than first thought, but it could take longer to recover. The Bank expects the UK economy to grow by 9% next year, and then by 3.5% in 2022. Assuming those forecasts are proven correct, it would take until the end of next year for the economy to return to its pre-Covid size.
Interest rates on hold but the recession could last longer
This 497-word blog post looks at the latest Bank of England interest rate decision along with its economic forecasts. Written on 6th August 2020.
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