BoE predicts sharp fall and fast recovery for UK
But Bank of England warns forecasts are subject to high level of uncertainty
The Bank of England predicted today (May 7) that the UK should return almost to previous levels of economic output within a year.
But the BoE said there was very high uncertainty about this prediction, made as part of its first major estimates of the impact of the Covid-19 shock on the UK economy.
In an unusual step, the BoE also published an “interim” financial stability report, which contains a stress test of banks based on the monetary policy forecast, using 2019 data. UK-based banks are
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